Regulator Blasts Wells Fargo for Deceptive Auto Insurance

The New York Times obtained an internal Wells Fargo report that over 800,000 people with WF car loans were charged for auto insurance they did not want or need.  This caused countless repos and overcharges for unsuspecting consumers. Wells Fargo only stopped the offending program in September of 2016.  The Office of the Comptroller of the Currency has now found that executives ignored signs of problems and had weak oversight practices.  Wells Fargo violated the Federal Trade Commission Act by failing to break these charges out, and instead lumping them in the monthly payment.  Even when consumers figured out the overcharges, they were massively hindered in getting relief by Wells Fargo paperwork and bureaucracy.

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