Wells Fargo & Co. has reportedly been warned by the Office of the Comptroller of the Currency that it could face a cease-and-desist order for bad home and auto lending practices.
The San Francisco-based bank-holding company in October announced plans to issue refunds to consumers who paid fees for mortgage rate lock extensions but shouldn’t have.
Wells Fargo’s acknowledgment followed last year’s scandal in which it fired thousands of employees for creating new accounts without the knowledge of its customers.
Source: Mortgage Daily
