qr-play-store play store

Wells Fargo might pay $1 billion fine for loan abuses

20 Apr 2018
63 comments
990 views
Wells Fargo might pay $1 billion fine for loan abuses

The company which is about to set a record fine of $1 billion imposed by two U.S. regulators for its risk management business is none other than Wells Fargo & Co. Lask week the company got a proposal from U.S. Consumer Financial Protection Bureau (CFPB) and the Office of the Comptroller of the Currency (OCC), to resolve probes into auto insurance and mortgage lending abuses at the third-largest U.S. bank.

 

Wells has acknowledged that it charged customers for excessive auto insurance, a burdensome expense that caused some to see their cars repossessed after defaulting on loans. Wells Fargo declined to comment on the reported settlement. The bank, still smarting from a prolonged scandal in which bank employees created millions of fake bank accounts in customers' names, found inconsistencies at its auto lending and mortgage in summer 2017, leading to further probes by regulators.

 

To appease investors and regulators, the bank overhauled its operational structure, shook up its board and hired a new compliance officer.

0 0
Comments:
No comments found
  • Jaw-dropping deals this Spring at RepoKar
    27 Feb 2017

    Spring is right around the corner! With melting snow comes rising car sales. Longer days and brighter sunlight mean it’s the season to think about the best used cars for spring; vehicles that allow you to appreciate blue skies, while getting a head start to summer. The sooner you decide on your dream car, the greater the possibility of finding the best deals.  At RepoKar, we want to be sure that you've got everything you need to start the season fresh with a smile on your face. That’s why we’ve prepared amazing, hassle free used cars, trucks, and SUVs for our fr...

    4 4
    1239
    1367274 views
  • Buy a car at RepoKar this Winter
    25 Nov 2017

    With winter on its way, the roads can be dangerous because it dries slower and road visibility as well as battery failure can also be hazardous. It’s time to start thinking about how you can make your daily drive safer and stress-free. That doesn’t necessarily mean you should buy an SUV or crossover to survive the season. Plenty of sedans and wagons provide qualities that can keep you safe in sleet and snow. These medium-sized vehicles also help you save at the pump! But what actually matters here is choosing the right place to buy a car from. There are several options on the marke...

    0 0
    1288
    248222 views
  • Diesel Cars VS Electric Cars
    17 May 2019

    Between loyal customers and car dealers lie an important dilemma that begs for an answer - What is the future of diesel cars and electric vehicles? Today at RepoKar, we are ready to tackle this predicament.Auto manufacturers and the combustible industries have often mentioned the idea that electric cars are worse for the environment than diesel and gasoline-powered vehicles because they are powered by dirty electricity.If we want to talk about fuel efficiency, noise pollution, and air quality, then EVs are clearly the outright winner. But if we're talking about torque or initial price, the...

    0 0
    6516
    88434 views
  • Fire Risk: BMW Recalls 185,000 Cars TODAY
    19 Apr 2019

    The recall expansion covers 3 Series, 5 Series and Z4 models from the 2006 model year. The problem has been traced to irregularities in the manufacturing process that could allow moisture to occur near the PCV valve heater and lead to a short circuit. The PCV valve is an emissions device that keeps pollutants created by an engine from being released into the atmosphere. It also helps keep the engine oil clean and prevents crankcase pressure from building up. BMW warns its customers to stop driving the vehicle if there is smoke coming from the engine, or if the driver smells smoke or plast...

    2 3
    269
    10695 views
Search on the blog
Find us on

Last added auctions

2012 Ford ESCAPE
18100 views
19 photos
3,400.00
No bids
2012 Nissan MURANO
18261 views
13 photos
3,500.00
No bids
2000 Honda CR-V
17957 views
12 photos
1,200.00
No bids
2012 Mazda MAZDA3
15818 views
16 photos
2,500.00
No bids