The latest misdeeds are expected to result in punishments imposed on Wells Fargo by the Consumer Financial Protection Bureau and the Office of the Comptroller of the Currency, the Washington Post and the New York Times reported, citing anonymous sources who have been briefed on the regulatory action. An internal review by Wells Fargo found that about 20,000 of those customers may have defaulted on their car loans and had their vehicles repossessed in part because of those unnecessary insurance costs.
Wells Fargo bank is fined US$1 billion by the United States government for mishandling of mortgages and automobile loans. Wells Fargo is also ordered to reimburse customers who were overcharged.