Regulator blasts Wells Fargo for sneaky car insurance programme

New York

A FEDERAL regulator criticised Wells Fargo for engaging in unfair and deceptive practices and failing to manage risks, and said that it had not set aside enough money to pay back the customers it harmed.

The confidential report, prepared by the Office of the Comptroller of the Currency and reviewed by The New York Times, criticises Wells Fargo for forcing hundreds of thousands of borrowers to buy unneeded car insurance when they took out a car loan, as well as its handling of the problems once they were detected.