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Wells Fargo gets New York state subpoenas over vehicle insurance shame

The Department of Financial Services also sent a letter requesting information from National General Insurance Co., the firm that provided the collateral protection insurance coverage for Wells Fargo.
The New York State Department of Financial Services also sent subpoenas to a pair of Wells Fargo units, according to an email Wednesday from the agency.
Wells Fargo & Co., the bank struggling with multiple consumer scandals, was sent subpoenas by two New York regulators over practices in its auto lending unit.
The bank commissioned the consulting firm Oliver Wyman to issue a report on its auto lending practices.
The San Francisco-based bank last week said it may have pushed thousands of car buyers into loan defaults and repossessions by charging them for unwanted insurance.

according to

Wells Fargo admits it wrongly charged customers for car insurance

Wells Fargo said that roughly 570,000 customers were affected and will be getting refunds.
Like most auto loan companies, Wells Fargo (WFC) required borrowers to have comprehensive and collision insurance.
Wells Fargo shares fell $1.39, or 2.5 percent, to $53.32, in afternoon trading.
The problems with the insurance program were found in July 2016, Wells Fargo said, and it was discontinued in September of that year.
Nearly a year ago, Wells Fargo admitted its employees opened up to 2 million accounts for customers without getting their permission in order to meet sales targets.
Embattled Wells Fargo now rocked by car insurance scandal

according to see also Elizabeth Warren asks the Fed to clear out Wells Fargo’s board It’s Warren vs. Warren at Wells Fargo.
“It’s unbelievable, outrageous, sad, and yet quintessential Wells Fargo.”On Friday, Stringer demanded the ouster of Wells Fargo chairman Stephen Sanger.
“This is a full-blown scandal — again,” said New York City Comptroller Scott Stringer, who controls pension funds that hold 11.6 million Wells Fargo shares.
The wheels are coming off the wagon at Wells Fargo again.
Wells Fargo, now run by CEO Tim Sloan, told regulators in July about the problem, a bank source told The Post.

collected by :Olivia Mathio
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