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Bloomberg
Wells Fargo & Co. hasn’t yet satisfied one of the regulators responsible for deciding whether the bank is properly reimbursing customers who might have been harmed by recent scandals involving its auto-lending and mortgage businesses.
“We are not comfortable where we are with them,†Joseph Otting, chief of the Office of the Comptroller of the Currency, told senators at a hearing.
In April, the third-largest US bank was hit with a massive enforcement action that included $1 billion in fines from the OCC and Consumer Financial Protection Bureau for forcing unwanted auto insurance on customers and allegedly imposing inappropriate charges on home buyers. The case included an unprecedented order that gave the OCC power to remove Wells Fargo executives and board members.
When Otting was asked at Senate Banking Committee hearing about Wells Fargo’s progress in paying back consumers, he said the lender is still working on “framing up†its analysis of the financial harm for people affected.