Wells Fargo to Pay $575 Million to Settle Nationwide Probe into its Misconduct

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The account openings and bill pay enrollments may have resulted from improper sales practices. Well Fargo identified and informed customers regarding the matter. The bank is providing remediation to those customers by entering into a $142 million class-action lawsuit settlement and implementing other solutions.

Wells Fargo allegedly force-placed Collateral Protection Insurance on auto loans

Furthermore, the attorneys general found that Wells Fargo added Collateral Protection Insurance (CPI) to auto loans if its vendor cannot verify whether an Auto Finance Customer had the required insurance.

Wells Fargo charged and forced-placed CPI policy to more than two million Auto Finance Customers between October 2005 and September 2016. The bank has been issuing refunds to customers in connection with the forced-placed CPI.

Wells Fargo alleged charged some borrowers with improper mortgage rate lock extension fees

Moreover, the attorneys general found that Wells Fargo improperly charged mortgage rate lock extension fees to some borrowers.