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OCC may penalize Wells Fargo over improper auto insurance charges: WSJ
August 4, 2017 / 4:27 PM / 4 months ago

OCC may penalize Wells Fargo over improper auto insurance charges: WSJ

NEW YORK (Reuters) - Wells Fargo & Co (WFC.N) may face regulatory sanctions for having improperly charged customers for auto insurance they did not seek, the Wall Street Journal reported on Friday.

FILE PHOTO - A man walks by a bank machine at the Wells Fargo & Co. bank in downtown Denver, Colorado, U.S. on April 13, 2016. REUTERS/Rick Wilking/File Photo

The Office of the Comptroller of the Currency is considering taking action over the matter, the Journal said, citing unnamed sources.

The bank said last week that 570,000 customers may have been wrongly charged for the insurance. In an interview, Wells’s head of consumer lending told Reuters the bank had informed regulators of the problems last year.

Reporting by Lauren Tara LaCapra

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