The Federal Reserve slaps Wells Fargo (WFC +0.9%) with a $85M fine for pushing borrowers into...

|About: Wells Fargo & Co. (WFC)|By:, SA News Editor

The Federal Reserve slaps Wells Fargo (WFC +0.9%) with a $85M fine for pushing borrowers into expensive subprime loans, and allegedly falsifying loan applications to get approvals for unqualified borrowers. The fine marks the largest ever assessed by the Fed under its consumer-protection mandate.