President Trump on Friday tweeted that the he’d ensure stiff penalties against Wells Fargo over allegations of financial impropriety the day after a report emerged that federal fines are being reconsidered.
“Fines and penalties against Wells Fargo Bank for their bad acts against their customers and others will not be dropped, as has incorrectly been reported, but will be pursued and, if anything, substantially increased,” Trump tweeted.
“I will cut Regs but make penalties severe when caught cheating!”
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Trump appeared to be responding to a Thursday report from Reuters that acting Consumer Finance Protection Director Mick Mulvaney was reviewing a pending settlement with Wells Fargo initiated by former Director Richard Cordray.
