U.S. regulators reject Wells Fargo’s plan to repay customers

 

Source: Patrick Rucker, Reuters

U.S. regulators have rejected Wells Fargo & Co’s (WFC.N) plan to repay customers who were pushed into unnecessary auto insurance, telling the bank it must do more to ensure it has found and compensated every affected driver, three sources familiar with the matter told Reuters.

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, said the sources, who were not authorized to speak publicly about the rejection.

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