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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.
US regulators reject Wells Fargo's plan to repay customers, says sources
Published : September 12, 2018 06:52 AM IST

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