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On December 20th, 2022, the markets closed slightly up but were generally flat after a four-day slump. Notable news from CBC reported that Wells Fargo reached a $3.7 billion settlement with the Consumer Financial Protection Bureau for consumer abuses. The bank was fined $1.7 billion and directed to provide over $2 billion in redress to affected customers. The misconduct caused significant financial harm, resulting in loss of vehicles, homes, and unfair fees and charges on loans. The settlement brought some justice for affected consumers, but the severity of the losses incurred by customers was substantial.
