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Exclusive: U.S. regulators reject Wells Fargo’s plan to repay customers – sources

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Washington (Reuters) – US regulators rejected the plan to withdraw the weld-ferrous and company (WFC.N) customers who were thrown into unnecessary auto insurance, the bank must tell it all possible The driver will receive and pay. Tell the facts familiar with the matter.

Wells Fergo planned regulators in June, under which the bank reached the Consumer Protection Bureau (CFPB) and working office in April (OCC) office office (OCC) Had $ 1 billion a contract.

After reviewing the plan – which could connect with 600,000 drivers – OCC told Wales Fergo that it requires further assurance that the bank will seek and demand everyone. The media will be rejected.

Wales Forego has a long-standing identity in the sales sales scandal, which began in September 2016, despite the fact that the bank opened millions of accounts to target non-aggressive sales targets in the names of customers. Open open.

Since then, Wells has expressed further corruption in the businesses, including mortgage loans, worth management and auto loans including businesses.

Wells Fergo’s representative, OCC and CFBB refused to comment.

Drivers bought a car by Jorge Ferrous and their insurance could be charged for the “Great Place” policies. Authorities have said that Wales enrolled 2 million drivers in such policies and is not needed more than a quarter.

Customers can be charged for unwanted insurance, face overdraft fees, bad credit or car repossession. As part of this agreement agreement, Wales Fergo had reviewed many years of bankruptcy and insurance papers for these clients.

Sources said that although the freelance damaged the number of regulators, resulting in financial consequences, and how the bank plans to pay them. The regulator also explains how workers are doing daily maintenance work, he said.

The OCC is not the last time it’s approved for the project, but Wales Fargo can not clear its work clearly from its regulators.

Resources and ex-officials said, it is not uncommon for banks and regulators to ground a fine print of solutions, and large banks have to meet the demands of regulatory authorities soon after the big punishment.

Last year, Wells Fargo estimates that it will require $ 64 million to pay customers, but the lawyers representing the drivers say that estimates are very low.

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