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Wells Fargo Insurance Scandal Draws New York Subpoenas

  • Department of Financial Services says it subpoenaed bank units
  • New York’s attorney general is also said to inquire over issue
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Wells Fargo Investors Fret Recent Scandals

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Two New York regulators sent subpoenas related to practices in the auto lending unit of Wells Fargo & Co., the bank struggling with multiple consumer scandals.

The New York Department of Financial Services sent subpoenas to a pair of Wells Fargo units, according to an email Wednesday from the agency. Attorney General Eric Schneiderman also has issued subpoenas to bank consultant Oliver Wyman relating to the unnecessary sales of collateral protection insurance, according to a person briefed on the matter, who asked not to be identified because the information wasn’t public.