Report: Wells Fargo may face more federal sanctions over insurance, mortgage practices

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Report: Wells Fargo may face more federal sanctions over insurance, mortgage practices

Report: Wells Fargo may face more federal sanctions over insurance, mortgage practices

LA Times-

Wells Fargo & Co. may face new sanctions from a key federal regulator over bad practices the bank has copped to over the last several months, including forcing auto loan customers into unneeded insurance policies and charging improper fees on some mortgage borrowers, according to a news report.

The Wall Street Journal reported Wednesday that the Office of the Comptroller of the Currency, one of the regulators that last year fined Wells Fargo for its creation of sham bank accounts, has advised the San Francisco bank’s board that it may face a new formal reprimand for willingly harming customers and failing to correct problems in its mortgage and auto-lending businesses.

The report, which cited unnamed sources familiar with the matter, suggested the OCC may issue a cease-and-desist order, a regulatory action that demands a bank stop certain practices and take corrective action.

[LA TIMES]

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One Response to “Report: Wells Fargo may face more federal sanctions over insurance, mortgage practices”

  1. Charles Reed says:

    All this chump change when there is this $11.4 billion theft by Wells of the Washington Mutual Bank’s created Ginnie Mae Mortgage Back Securities! During 2009-2010 Wells had MERS hire foreclosure mill law firms to create forged Titles to illegally sale properties to the FHA & VA Dept. and submit false insurance claims to both government insurances!

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