Wells Fargo will take $1b. fine for the insurance abuse

Despite the Bank's objections, it is clear now that Wells Fargo will pay for "insurance fraud". It is expected that the decisions of two of the state regulators will be announced officially today, and there is no chance that the bank will save one-billion-dollar fine.

At the end of last year, the bank's management issued an apology after it became clear that 570,000 customers were forced to make a car insurance they did not need. An internal check of the bank shows that over 20,000 of these customers have overdue all the terms of their car credit and their cars have been taken away. This, as you can see, also leads to the failure to pay the full insurance = Wells Fargo distorted financial result. The problem is not the fact that 20,000 people can not pay the insurance, but that it is the burden that customers can not handle.

The second absurdity with which some of the clients face are the fines imposed by the bank for delayed payments. At first glance, a normal policy, but the slightest point is that the delay is entirely due to Wells Fargo.

Wеllѕ Fаrgо already take another hit. This is because the Fed's Peeve has been bouncing for a paced trap - in other words, worth more than $2 trillion. in actives. It is estimated to be 3.5 million milestone.

It seems that we will be able to find out that we have to wait for the big ones.

Source: Bloomberg Pro Terminal

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