Wells Fargo may face new penalties over improper charges: report
A government regulator is considering new sanctions against Wells Fargo Bank & Co. over improperly charging customers for car insurance and mortgage loans, according to a Reuters report (http://www.reuters.com/article/us-wells-fargo-accounts-regulator/exclusive-u-s-mulls-further-wells-fargo-sanction-over-sales-abuses-source-idUSKCN1C72VD?feedType=RSS&feedName=businessNews&utm_source=Twitter&utm_medium=Social&utm_campaign=Feed%3A+reuters%2FbusinessNews+%28Business+News%29) late Monday. The Office of the Comptroller of the Currency is investigating the matter, Reuters reported, and could impose sanctions if it finds Wells Fargo violated an agreement to end unfair and deceptive business practices. Last year, the bank agreed to pay $190 million to settle charges it opened millions of false accounts to meet internal sales goals. Reuters' sources said the decision on whether to punish Wells Fargo, the nation's third-largest bank, could take weeks. Wells Fargo shares (WFC) were down 0.1% after hours, and are up just 0.7% this year, compared to the S&P 500's 13% gain.
-Mike Murphy; 415-439-6400; AskNewswires@dowjones.com
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