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Wells Fargo ordered to pay $3.7 billion for past scandals. Here's why we see it as a positive

Wells Fargo
Rick Wilking | Reuters

The U.S. government's consumer watchdog agency announced Tuesday that it ordered Wells Fargo (WFC) to pay $3.7 billion in connection with the bank's previous wrongdoing, a sizable penalty but one that represents progress toward eventually removing a dark regulatory cloud that's been hanging over the bank for years.