“Regulator Blasts Wells Fargo for Deceptive Auto Insurance Program”

The New York Times reports that "Wells Fargo engaged in unfair and deceptive practices, failed to properly manage risks and hasn’t set aside enough money to pay back the customers it harmed, according to a confidential report by federal regulators."

"The report, prepared by the Office of the Comptroller of the Currency and reviewed by The New York Times, criticizes Wells Fargo for forcing hundreds of thousands of borrowers to buy unneeded auto insurance when they took out a car loan, as well as its handling of the problems once they were detected."

The full article is here.

Leave a Reply

Your email address will not be published. Required fields are marked *