Wells Fargo faces sanctions over ‘forced’ auto insurance sales

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Title : Wells Fargo faces sanctions over ‘forced’ auto insurance sales
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news-today.world | US regulators are preparing to sanction Wells Fargo for receiving commissions on auto insurance policies it helped force on more than half a million drivers, people with direct knowledge of the probes told Reuters.

In July, Wells Fargo blamed a third-party vendor for wrongly layering insurance policies on its auto borrowers. Wells Fargo did not explain that it received payouts when those policies were written.

“We had a vendor that was providing insurance,” chief executive officer Tim Sloan told investors in September. “We should have caught that and we should have dealt with it.”

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