JPMorgan Chase & Co. (NYSE:JPM) and Wells Fargo & Co (NYSE:WFC) were slapped with a $35.7 million fine by state and federal regulators, for accepting illegal payments from a title company, Genuine Title, in exchange for business. The bulk of the penalty is for Wells Fargo, which agreed to pay $34.8 million, while JPMorgan will pay $900,000.
The typical person in a year or two will hardly remember what got Wells Fargo into so much trouble this year. For the time being, though, the bank's fake-account scandal continues to wreak havoc on its performance.
Justin Sullivan/GettyWells Fargo is on the hook for $185 million in fines after settling charges brought by the Consumer Financial Protection Bureau of widespread abusive and illegal sales practices dating back to the beginning of 2011.