Wells Fargo Faces Regulator Scrutiny on Second Auto Issue
- OCC, CFPB examining the guaranteed auto protection program
- Bank said some customers of that program may be due refunds
Wells Fargo Investors Fret Recent Scandals
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Wells Fargo & Co.’s U.S. regulators are looking into another issue involving insurance linked to auto loans as scrutiny of a key lending unit widens, according to people with knowledge of the matter.
The Office of the Comptroller of the Currency and the Consumer Financial Protection Bureau are examining Wells Fargo’s guaranteed auto protection insurance program, said the people, who asked not to be named discussing regulatory matters. The insurance has also been of interest to the Federal Reserve, another person said.