The daily business briefing: April 20, 2018

Regulators will reportedly fine Wells Fargo $1 billion in settlement, U.S. ships carrying sorghum to China turn around, and more

Regulators fine Wells Fargo $1 billion.
(Image credit: Spencer Platt/Getty Images)

1. Report: Regulators to fine Wells Fargo $1 billion

Federal regulators are expected to impose a $1 billion fine on Wells Fargo on Friday as part of a settlement over allegations that the bank sold unnecessary products to customers for years. The agreement between Wells Fargo and the Consumer Financial Protection Bureau and the Office of the Comptroller of the Currency will mark the toughest crackdown on a major bank so far by the Trump administration. Wells Fargo was accused of numerous misdeeds, including forcing customers to buy auto insurance policies they did not need, The New York Times reported, citing four people briefed on the regulatory action. The penalty could help insulate the Trump administration against allegations that it is going easy on big banks.

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Harold Maass, The Week US

Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.