Articles by Patrick Rucker

Lawsuit Says Wells Fargo Executives Knew About Insurance Overcharges

Wells Fargo & Co. executives were warned that an auto insurance plan could be overcharging customers four years before the bank scrapped the program, according to a complaint released by a judge this week. Several executives, including then-General Counsel James …

Wells Fargo Says Repaying Auto Insurance Customers to Take Until 2020

Wells Fargo & Co. will not finish paying back the estimated 600,000 customers it wrongly charged for auto insurance until at least 2020, the bank said in a letter to U.S. lawmakers seen by Reuters. U.S. regulators slapped Wells Fargo …

Wells Fargo Must Do More to Repay Cheated Auto Insureds, Says U.S. Comptroller

Wells Fargo & Co. has not convinced U.S. regulators it is doing enough to repay 600,000 drivers who were wrongly pushed into buying auto insurance, a leading bank regulator said on Tuesday. “We are not comfortable where we are with …

After Florence Floods, Uninsured Awaken to Painful Reality

Flood insurance was far from Stephanie Walker’s mind in 2015 when she moved her family into a home in Fayetteville in central North Carolina, nearly 200 miles (320 km) from the coast. The next year, a creek at the end …

Looming Florence Heaps Despair on Rural U.S. Towns Ravaged by Matthew

When Hurricane Matthew submerged the small town of Fair Bluff, North Carolina, two years ago, Eve Waddell thought she had witnessed a once-in-a-lifetime disaster. “You’ll never see that again,” she reassured her daughter Ella, then 4, after floodwaters surged over …

Regulators Reject Wells Fargo’s Plan to Repay Insurance Customers: Reuters

U.S. regulators have rejected Wells Fargo & Co.’s plan to repay customers who were pushed into unnecessary auto insurance, telling the bank it must do more to ensure it has found and compensated every affected driver, three sources familiar with …

Santander Bank Settles Auto Finance, Insurance Claims

A unit of European lender Banco Santander SA has agreed to settle claims by a U.S. consumer watchdog that it misled drivers about the costs of loans and the coverage of related insurance policies, said three people with direct knowledge …

States Agree Not to Fine Equifax Over Data Breach

Equifax Inc. on Wednesday avoided fines in a deal with eight states’ banking regulators over a data breach that compromised sensitive data of more than 145 million people, as the credit reporting agency agreed to tighten up security. Equifax’s disclosure …

Wells Fargo to Pay $1 Billion Fine for Mortgage, Insurance Sales Abuses

Wells Fargo & Co. will pay $1 billion to settle with U.S. regulators who say the bank wrongly layered insurance on hundreds of thousands of drivers and routinely hit homebuyers with excessive fees, officials said on Friday. The penalty was …

Wells Fargo Facing Possible Record Fine for Insurance, Mortgage Sales Abuses

The top U.S. watchdog for consumer finance is seeking a record fine against Wells Fargo & Co that could exceed several hundred million dollars for auto insurance and mortgage lending abuses, according to three sources with knowledge of the plans. …