Wells Fargo Says CFPB Probing Debit Card Disclosures

Law360 (May 6, 2021, 8:18 PM EDT) -- Wells Fargo is under investigation by the Consumer Financial Protection Bureau over monthly fee disclosures it made to customers on certain bank accounts, according to a new regulatory filing.

The CFPB is investigating "certain of the company's past disclosures to customers regarding the minimum qualifying debit card usage required for customers to receive a waiver of monthly service fees on certain consumer deposit accounts," the bank said in Wednesday's quarterly report filed with the U.S. Securities and Exchange Commission.

The absence of the revelation in prior company filings indicates that the probe is new, adding to the long list of regulatory...

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