US regulators reject Wells Fargo's plan to repay customers, says sources
Updated : September 12, 2018 06:52:22 IST
Wells Fargo gave regulators the plan in June, as required by a $1 billion settlement the bank reached with the Consumer Financial Protection Bureau (CFPB) and the Office of the Comptroller of the Currency (OCC) in April.
After reviewing the plan - which could involve contacting some 600,000 drivers - the OCC told Wells Fargo it needed more assurances that the bank would find and repay everyone who was overcharged
The rejection is the latest wrinkle in Wells Fargo's long-running sales scandal, which began in September 2016 with revelations that the bank had opened perhaps millions of accounts in customers' names without permission to hit aggressive sales targets.