Wells Fargo reached an agreement with all 50 state Attorneys General and the District of Columbia regarding previously disclosed retail sales practices, auto collateral protection insurance and Guaranteed Asset/Auto Protection and mortgage interest rate lock matters.
The company has been engaged with its federal regulators to address these issues and is remediating affected customers.
“This agreement underscores our serious commitment to making things right in regard to past issues as we work to build a better bank,” said Tim Sloan, chief executive officer and president, Wells Fargo.
Under the terms of the agreement, Wells Fargo will:
Wells Fargo will also provide periodic reports to the states on the progress of its existing remediation efforts.
As of the end of Q3/18 the company had accrued $400 million of the settlement amount and expects to accrue the remaining $175 million in Q4/18.
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