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CORRECTED-(OFFICIAL)-US fines Wells Fargo, JPMorgan over "illegal mortgage kickbacks"
January 22, 2015 / 8:22 PM / 3 years ago

CORRECTED-(OFFICIAL)-US fines Wells Fargo, JPMorgan over "illegal mortgage kickbacks"

(CFPB corrects amount of consumer redress for Wells Fargo to $10.8 million from $11.1 million)

WASHINGTON, Jan 22 (Reuters) - U.S. and state regulators ordered Wells Fargo and JPMorgan Chase to collectively pay $35.7 million on Thursday to settle charges that they participated in an illegal marketing kickback scheme with a now-defunct title company.

The Consumer Financial Protection Bureau and the Maryland Attorney General’s Office ordered Wells Fargo to pay a $24 million penalty plus another $10.8 million in redress to consumers. JP Morgan will pay a $600,000 penalty, plus another $300,000 in redress, the CFPB said. (Reporting by Douwe Miedema; Editing by Sandra Maler)

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