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Republican, Democratic senators seek answers in Wells auto scandal
Source: Reuters
#BANKS AUGUST 9, 2017 / 4:26 PM / 7 HOURS AGO
Republican, Democratic senators seek answers in Wells auto scandal
Lisa Lambert
3 MIN READ
WASHINGTON (Reuters) - A group of U.S. senators from both parties on Wednesday turned up the heat on Wells Fargo Inc. over its latest scandal, in which hundreds of thousands of car-loan borrowers were charged each month without their knowledge for collision insurance, which many of them did not need.
The Republican chairs of the committee and the subcommittee that would head any congressional investigations into insurance sales, Senators John Thune and Jerry Moran, along with those panels' senior Democrats, Senators Bill Nelson and Richard Blumenthal, wrote to Wells CEO Timothy Sloan with questions about the scandal as basic as how many customers were affected.
They also requested copies of the bank's internal report that first identified the problem.
The group sent similar questions to Barry Karfunkel, CEO of National General Holdings Corporation, which provided the insurance.
-snip-
Republican, Democratic senators seek answers in Wells auto scandal
Lisa Lambert
3 MIN READ
WASHINGTON (Reuters) - A group of U.S. senators from both parties on Wednesday turned up the heat on Wells Fargo Inc. over its latest scandal, in which hundreds of thousands of car-loan borrowers were charged each month without their knowledge for collision insurance, which many of them did not need.
The Republican chairs of the committee and the subcommittee that would head any congressional investigations into insurance sales, Senators John Thune and Jerry Moran, along with those panels' senior Democrats, Senators Bill Nelson and Richard Blumenthal, wrote to Wells CEO Timothy Sloan with questions about the scandal as basic as how many customers were affected.
They also requested copies of the bank's internal report that first identified the problem.
The group sent similar questions to Barry Karfunkel, CEO of National General Holdings Corporation, which provided the insurance.
-snip-
Read more: http://www.reuters.com/article/us-wells-fargo-accounts-congress-idUSKBN1AP2HP
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