Wells Fargo to Pay $4 Million to End New York Probe Into NowLine Credit Card

Wells Fargo Bank NA has agreed to pay $4 million to resolve a New York Department of Financial Services investigation into credit card loan practices of a former affiliate, Gov. Andrew Cuomo (D) announced Feb. 5.

Under a DFS consent order, Wells Fargo will pay a $2 million penalty and provide approximately $2 million in direct consumer restitution payments for state banking law violations found in an examination of the former affiliate, Wells Fargo Financial Bank (WFFB).

The violations included securing loans made through SFFB’s NowLine Visa Platinum Credit Card Account product with an interest in the borrower’s home, ...