The American bank Wells Fargo is agreeing to paid more than US$4 Million to settle complaints after federal investigators found the bank illegally repossessed 413 cars owned by American servicemembers while they were serving overseas.  It caps a rough week for a bank that's been up to a lot of no good.

The US Justice Department said Wells Fargo violated the Servicemembers Civil Relief Act, which gives certain legal protections to members of the military.  In more than 400 illegal repossessions, the bank failed to get the proper legal paperwork.  In one case, Wells Fargo seized the car of a soldier as he deployed for Afghanistan, sold it for action, and then stuck the soldier for a $10,000 collection.  Those soldiers will be reimbursed out of the $4 Million, and the bank will pay another $20 Million in fines for violating other rules on lending to members of the military, including violating a rate cap.

Wells Fargo is already under the microscope after being caught creating fake bank and credit-card accounts in the name of customers, and then charging those customers fees on the fake accounts.  CEO John Stumpf appeared before congressional panels twice in as many weeks to be grilled and flayed by lawmakers.  Most were disgusted by Wells Fargo pressuring employees by incentivizing the practice and by punishing workers who would refuse to participate with sackings.  The lawmakers denounced the scam as "theft", "a criminal enterprise", identity fraud, an outrage, and a devastating blow to the entire banking industry.

Texas Republican Jeb Hensarling said, "Mr. Stumpf, I have a mortgage with your bank.  I wish I didn't.  I wish I was in the position to pay it off because you have broken my trust as you have broken the trust of millions."

California Democrat Maxine Waters noted that allegations of financial sleaziness mounted as lawmakers kept digging:  "It appears that the company just can't make it through even this congressional hearing without us learning more and more information about what is going on at Wells Fargo," she said.

The Wells Fargo board of directors stripped John Strumpf of $41 million in unvested stock awards, this year's annual bonus, and a portion of his $2.8 million base salary.  The former head of the bank's retail division where the chicanery occurred is out $19 million in compensation.