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N.Y. regulator subpoenas Wells Fargo over unwanted auto insurance
Source: Reuters
#BANKS
AUGUST 2, 2017 / 12:09 PM / 3 HOURS AGO
Exclusive: N.Y. regulator subpoenas Wells Fargo over unwanted auto insurance
Karen Freifeld
NEW YORK (Reuters) - New York state's banking and insurance regulator issued subpoenas on Tuesday to two Wells Fargo & Co units after the bank said it had sold auto insurance to hundreds of thousands of customers who did not need it.
The New York Department of Financial Services (NYDFS) is demanding Wells' loan contracts with New York borrowers, its financing agreements with auto dealers, and agreements between Wells units and insurers, according to copies of the subpoenas obtained by Reuters.
Unwanted auto insurance is the latest chapter in a months-long scandal over sales practices at Wells, where employees also created as many as 2.1 million deposit and credit card accounts in customers' names without their permission.
The N.Y. regulator is also seeking documents showing how and when Wells learned its so-called collateral protection insurance may have been unnecessarily or wrongfully issued.
-snip-
AUGUST 2, 2017 / 12:09 PM / 3 HOURS AGO
Exclusive: N.Y. regulator subpoenas Wells Fargo over unwanted auto insurance
Karen Freifeld
NEW YORK (Reuters) - New York state's banking and insurance regulator issued subpoenas on Tuesday to two Wells Fargo & Co units after the bank said it had sold auto insurance to hundreds of thousands of customers who did not need it.
The New York Department of Financial Services (NYDFS) is demanding Wells' loan contracts with New York borrowers, its financing agreements with auto dealers, and agreements between Wells units and insurers, according to copies of the subpoenas obtained by Reuters.
Unwanted auto insurance is the latest chapter in a months-long scandal over sales practices at Wells, where employees also created as many as 2.1 million deposit and credit card accounts in customers' names without their permission.
The N.Y. regulator is also seeking documents showing how and when Wells learned its so-called collateral protection insurance may have been unnecessarily or wrongfully issued.
-snip-
Read more: http://www.reuters.com/article/us-wells-fargo-accounts-new-york-idUSKBN1AI266
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