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. However, the Wells Fargo borrowers either had their own insurance or were not properly informed about the bank-placed policies. The rate-lock issue was first reported by ProPublica, and later led to lawsuits and an investigation by the Consumer Financial Protection Bureau. Wells Fargo pledged to pay $80 million in refunds and other compensation to auto loan customers going back to 2012. Last month, it said it would offer refunds to mortgage borrowers who paid rate-lock fees dating back to 2013.

Source: Los Angeles Times November 29, 2017 20:32 UTC