October 2, 2018 / 4:18 PM / a year ago

Top regulator for Wells Fargo says not satisfied with the bank

WASHINGTON, Oct 2 (Reuters) - Wells Fargo & Co has not satisfied U.S. regulators that the bank is doing enough to pay 600,000 drivers who were wrongly pushed into buying auto insurance, a leading bank regulator said on Tuesday.

“We are not comfortable where we are with them,” Joseph Otting, the Comptroller of the Currency, said at a hearing of the U.S. Senate Banking Committee.

In September, the OCC rejected Wells Fargo’s plan to repay customers who were pushed into unnecessary auto insurance and told the bank it must do more to ensure it has found and compensated every affected driver, Reuters has reported. (Reporting By Patrick Rucker and Pete Schroeder; Editing by Meredith Mazzilli)

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