Business Highlights
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Wells Fargo fined $1B for mortgage, auto lending abuses
NEW YORK (AP) — Wells Fargo will pay $1 billion to federal regulators to settle charges tied to misconduct at its mortgage and auto lending business, the latest punishment levied against the banking giant for widespread customer abuses. The regulators penalized Wells for improperly charging fees to borrowers who wanted to lock in an interest rate on a pending mortgage loan and for sticking auto loan customers with insurance policies they didn't want or need.
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Big banks saved $3.