UPDATE: Wells Fargo Full Statement on Deals Related to Sales Practices

Wells Fargo Bank, N.A., a subsidiary of Wells Fargo & Company

, reached agreements with the Consumer Financial Protection Bureau, the Office of the Comptroller of the Currency, and the Office of the Los Angeles City Attorney, regarding allegations that some of its retail customers received products and services they did not request. The amount of the settlements, which Wells Fargo had fully accrued for at June 30, 2016, totaled $185 million, plus $5 million in customer remediation. The company issued the following statement related to today's news: "Wells Fargo reached these agreements consistent with our commitment to customers and in the interest of putting this matter behind us. Wells Fargo is committed to putting our customers' interests first 100 percent of the time, and we regret and take responsibility for any instances where customers may have received a product that they did not request. Our commitment to addressing the concerns covered by these agreements has included: An extensive review by a third party consulting firm going back into 2011, which we completed prior to these settlements. The review included consumer and small business retail banking deposit accounts and unsecured credit cards opened during the period reviewed. As a result of this review, $2.6 million has been refunded to customers for any fees associated with products customers received that they may not have requested. Accounts refunded represented a fraction of one percent of the accounts reviewed, and refunds averaged $25. Disciplinary actions, including terminations of managers and team members who acted counter to our values. Investments in enhanced team-member training and monitoring and controls. Strengthened performance measures that are tied to customer satisfaction, loyalty and ethics. Sending customers a confirming email within one hour of opening any deposit account, and sending an application acknowledgement and decision status letter after submitting an application for a credit card." In addition, as noted in a message emailed to all Wells Fargo team members today, the company said "Our entire culture is centered on doing what is right for our customers. However, at Wells Fargo, when we make mistakes, we are open about it, we take responsibility, and we take action. Today's agreements are consistent with these beliefs." Customers can visit wellsfargo.com/commitment to view their accounts, and for information about this announcement.