KEN SWEET Business Writer.

FILE - A customer makes a transaction at an automatic teller machine in Los Angeles on March 27, 2023. (AP Photo/Richard Vogel, File)

Capital One, Walmart: A look at some of the consumer cases dropped by the CFPB under Trump

In the nearly six months since the Trump administration has had control of the Consumer Financial Protection Bureau, the bureau’s leadership has focused almost exclusively on rolling back any punishments, fines and penalties doled out against companies during the Biden administration. In some cases, companies that were supposed to refund their customers or pay a penalty for unfair or deceptive practices are no longer bound to make their customers whole. Other companies facing charges of fraud of deceptive practices saw their lawsuits dropped. Companies that got reprieves include Capital One, Walmart and Navy Federal Credit Union.

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FILE - A sign stands outside a branch of Wells Fargo bank Wednesday, April 17, 2024, in Littleton, Colo. (AP Photo/David Zalubowski, File)

Fed lifts restrictions placed on Wells Fargo in 2018 because of its fake-accounts scandal

The Federal Reserve said Tuesday that Wells Fargo is no longer subject to the restraints the Fed placed on the bank in 2018 for having a toxic sales and banking culture. It’s a win for Wells Fargo, which has spent nearly a decade trying to convince the public and policymakers that it had changed its ways. Faced with reaching unreasonable sales targets, branch employees had opened up millions of fake accounts in order to meet those goals. The Federal Reserve took the unusual step of placing Wells in a program where it could grow no larger than it was in 2018.

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