Wells Fargo agrees to $3.7 billion settlement with CFPB over consumer abuses

Wells Fargo is slapped with a $1.7 Billion fine by federal regulators.

The Consumer Financial Protection Bureau says the company took part in quote "widespread mismanagement" for years.

Officials say more than 16-million consumer accounts were affected, including wrongful disclosures and surprise overdraft fees.

The bureau ordered Wells Fargo to pay more than two-billion in refunds to consumers. 

Wells Fargo stock fell more than 2%t in Tuesday morning's pre-market trading.

Wells Fargo agreed to a $3.7 billion settlement with the Consumer Financial Protection Bureau over customer abuses tied to mortgages, auto loans and overdraft fees.