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Wells Fargo to redress harmed auto loan customers
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Banking, Consumer Protection, Corporate Governance
Tuesday, August 8, 2017
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Wells Fargo will issue thousands of refunds worth $80 million to those harmed by auto collateral protection insurance (CPI) policies placed between 2012 and 2016 after determining that certain auto loan customers may have been improperly charged. The program came to light after a New York Times story cited on an internal report covering the matter. Read on to learn more about what led to customers being improperly charged and what the company is doing to remedy the situation.
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