A federal regulator has advised Wells Fargo & Co.’s board of directors that it is weighing a formal enforcement action against the bank over improprieties in its auto-insurance and mortgage operations. In a harshly worded letter sent earlier this month, the Office of the Comptroller of the Currency, one of the bank’s chief regulators, said Wells Fargo had willingly harmed its customers in those two business lines and had until Nov. 24 to respond, according to people familiar with the matter. The letter said the bank repeatedly...

Source: Wall Street Journal November 29, 2017 10:30 UTC