Tag: Wells Fargo

Unfair insurance practices earn Wells Fargo a $1 billion fine

Logan B.
Mutual of Omaha - lawsuit

The banking giant’s latest penalties are for having sold unnecessary auto insurance to customers. Wells Fargo has been slapped with a $1 billion fine for its unfair insurance practices. Thousands of the bank’s vehicle loan customers were sold additional unnecessary auto insurance policies. Those car owners ended up paying much more for their vehicles than was necessary. Among those Wells Fargo customers, thousands ended up having their vehicles repossessed as a result of the unfair insurance practices. The fine was laid down by the Consumer Financial Protection Bureau as well…

Read More

Wells Fargo sanctions on their way for auto insurance scandal

G. Turner

American regulators are getting ready to apply penalties to the financial giant for its illegal actions. U.S. regulators are preparing to apply the Wells Fargo sanctions the industry has known would be coming. The bank forced over half a million drivers to pay for auto insurance they didn’t need. The official repercussions are now arriving. The financial industry has been waiting to see how this Wells Fargo scandal would play out. The Wells Fargo sanctions are not a surprise to anyone. After the scandal came out, it was only a…

Read More

Wells Fargo insurance license may be suspended or revoked in California

G. Turner
Wells Fargo insurance scandal

The state Department of Insurance is seeking the action following alleged improper sales practices. The California Department of Insurance has revealed that it is planning to either suspend or revoke the Wells Fargo insurance license in the state. It is pursuing this intention as a result of the company’s online insurance referral program and its allegedly improper sales practices. The department conducted an investigation that revealed around 1,500 improper insurance sales. In those cases, the online Wells Fargo insurance company was allegedly found to have sold about 1,500 policies and…

Read More

Wells Fargo could face additional sanctions due to auto insurance practices

Marc
auto insurance practices fine penalty

The bank may be facing even more penalties from a federal regulator due to mortgage and insurance scandals. Wells Fargo & Co. may already have faced penalties for its mortgage and auto insurance practices but they don’t seem to be over yet. A federal regulator may be applying more sanctions to the bank as a result of practices that have come to light over the last few months. Among the car insurance practices was one that forced car loan customers to pay for unnecessary coverage. Last week, the Wall Street…

Read More

Wells Fargo personal insurance business to shut down in Q1 2018

H. Cutner
wells fargo personal insurance business exit

The firm announced its intention to exit this sector and will start phasing out marketing immediately. Wells Fargo & Co announced it will be leaving the personal insurance business and will start reducing its marketing in that area. The exit from that market should be complete at some point during the first quarter of next year. Until it has fully exited the personal insurance space, it will continue selling and supporting those products. The company has stated that it intends to keep making personal insurance products available until it completely…

Read More