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Wells Fargo reportedly could face extra federal sanctions

Wells Fargo & Co. could face new sanctions from a federal regulator over unhealthy practices the financial institution has over the previous final a number of months, together with forcing auto mortgage clients into unneeded insurance coverage insurance policies and charging improper charges on some mortgage debtors, the Wall Road Journal reported this week.

The Journal mentioned the Workplace of the Comptroller of the Forex, one of many regulators that final 12 months fined Wells Fargo for its creation of sham financial institution accounts, has instructed the San Francisco financial institution’s board that it could face a brand new formal reprimand for willingly harming clients and failing to appropriate issues in its mortgage and auto-lending companies.

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