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The 5 banks have been additionally required to comply with 305 new mortgage servicing standards. In Might 2013, Wells Fargo paid $203 million to settle class-action litigation accusing the bank of imposing extreme overdraft charges on checking-account customers. (Boxer Muhammad Ali had acquired a charge for the use of his name, and had no different involvement with the group.) In September 2021, Wells Fargo incurred additional fines from the United States Justice Division charging fraudulent habits by the financial institution towards foreign-exchange foreign money buying and selling customers. In June 2025, the Federal Reserve lifted the punitive asset cap, permitting the financial institution to pursue growth and provide extra financing to corporate clients.
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