Wells Fargo is facing sanctions from US regulators, due to the fact that the bank received commission on auto insurance policies it forced onto over half a million customers, according to Reuters. The bank, which has been under investigation by regulators for years, agreed in May to pay $185 million, and will be barred from selling or servicing car insurance, as well as offering any other financial products with However, the bank failed to disclose that it received payouts for such policies. Wells Fargo has recently experienced a number of scandals relating to its treatment of customers, including those concerning false accounts and improper mortgage fees.
Wells Fargo is facing sanctions from US regulators, due to the fact that the bank received commission on auto insurance policies it forced onto over half a million customers, according to Reuters. Last July, Wells Fargo said that a third-party vendor was responsible for imposing the insurance. However, the bank failed to disclose that it received payouts for such policies. Wells Fargo has recently experienced a number of scandals relating to its treatment of customers, including those concerning false accounts and improper mortgage fees.