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Thursday, January 23, 2020

INDIANA ATTORNEY GENERAL'S OFFICE: AG Curtis Hill announces start of Wells Fargo consumer redress review program

By Press release submission | Mar 4, 2019


Indiana Attorney General's Office issued the following announcement on Feb. 27.

On Dec. 28, 2018, Attorney General Curtis Hill announced that Wells Fargo Bank N.A. will pay $575 million to resolve claims that the bank violated state consumer protection laws. As part of a settlement involving all 50 states and the District of Columbia, Indiana will receive $5.2 million.

Attorney General Hill announced that Wells Fargo has begun a consumer redress review program through which consumers who have not yet been made whole through other remediation programs already in place can seek to have their inquiry or complaint reviewed by a Wells Fargo escalation team for possible relief.

“We must continue working tirelessly to hold companies accountable for engaging in blatant misconduct that harms consumers,” Attorney General Hill said. “This consumer redress review program announced today is another step toward restoring people who have suffered from such misconduct.”

The consumer redress review program was a key component of the December 2018 settlement to resolve claims that the bank violated state consumer protection laws by (1) opening millions of unauthorized accounts and enrolling customers into online banking services without their knowledge or consent, (2) improperly referring customers for enrollment in third-party renters and life insurance policies, (3) improperly charging auto loan customers for force-placed and unnecessary collateral protection insurance, (4) failing to ensure that customers received refunds of unearned premiums on certain optional auto finance guaranteed asset/auto protection ("GAP") products, and (5) incorrectly charging customers for mortgage rate lock extension fees.

As part of the program, Wells Fargo will maintain a website that contains information regarding consumers' eligibility for redress. Wells Fargo's website describes the issues covered by the settlement agreement and provides escalation phone numbers consumers may use to request review. In addition, Wells Fargo will provide periodic reports to the states about ongoing remediation efforts.

Original source can be found here.

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Indiana Attorney General's Office