US regulators reportedly rejected Wells Fargo's plan to repay customers forced into unnecessary auto insurance products (WFC) - Creak News

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US regulators reportedly rejected Wells Fargo's plan to repay customers forced into unnecessary auto insurance products (WFC)

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  • US regulators have rejected Wells Fargo's plan to repay customers who were pushed into unnecessary auto insurance products.
  • After reviewing the plan — which could involve contacting some 600,000 drivers — the regulators said it needed more assurances that the bank would find and repay everyone who was overcharged.
  • The rejection is the latest wrinkle in Wells Fargo’s long-running sales scandal, which began in September 2016 with revelations that the bank had opened perhaps millions of accounts in customers’ names without permission to hit aggressive sales targets.


WASHINGTON (Reuters) - U.S. regulators have rejected Wells Fargo & Co’s (WFC.N) plan to repay customers who were pushed into unnecessary auto insurance, telling the bank it must do more to ensure it has found and compensated every affected driver, three sources familiar with the matter told Reuters.

Wells Fargo gave regulators the plan in June, as required by a $1 billion settlement the bank reached with the Consumer Financial Protection Bureau (CFPB) and the Office of the Comptroller of the Currency (OCC) in April.

See the rest of the story at Business Insider

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