Unfair Insurance Practices Earn Wells Fargo A $1B Fine

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 as the Comptroller of the Currency. The primary reason for the fine was indeed the unnecessary auto insurance requirement for car loan customers.