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WASHINGTON (Reuters) - U.S. regulators have rejected Wells Fargo & Co’s (WFC.N) 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 the matter told Reuters. Wells Fargo gave regulators the plan in June, as required by a $1 billion settlement the bank reached with the Consumer Financial Protection Bureau (CFPB) and the Office of the Comptroller of the Currency (OCC) in April.
After reviewing the plan - which could involve contacting some 600,000 drivers - the OCC told Wells Fargo it needed more assurances that the bank would find and repay everyone who was overcharged, said the sources, who were not authorized to speak publicly about the rejection, The rejection is the latest wrinkle in Wells Fargo’s long-running sales scandal, which began in September 2016 with revelations that the bank had opened perhaps millions navy rim mop round stainless steel cufflinks of accounts in customers’ names without permission to hit aggressive sales targets..
Since then, Wells has disclosed more customer abuses in businesses including mortgage lending, wealth management and the auto loans at issue here. Representatives for Wells Fargo, the OCC and the CFPB declined to comment. Drivers who bought a car through Wells Fargo and let their insurance lapse could be charged for “forced-place” policies. Wells enrolled about 2 million drivers into such policies and more than a quarter of those were not needed, officials have said. Customers who were charged for unneeded insurance could face overdraft fees, damaged credit or vehicle repossession. As part of its settlement agreement, Wells Fargo had to review several years’ worth of bank and insurance paperwork for those customers.
Although Wells Fargo gave regulators details on the number of customers harmed, what financial consequences they suffered and how the bank planned navy rim mop round stainless steel cufflinks to compensate them, the OCC wants to see work behind the calculations before it will approve the plan, the sources said, The regulator also wants an explanation of how workers are performing day-to-day remediation tasks, they said, The OCC does not have a deadline for when it must approve the plan, but Wells Fargo cannot finish its work without that all-clear from regulators..
NEW YORK (Reuters) - Two Wall Street regulators on Tuesday announced a series of actions, including levying fines, against companies involved with cryptocurrencies, in a flurry of activity reflecting efforts to monitor the popular and unregulated asset class. Cryptocurrencies, like the well-known bitcoin, are virtual tokens that can be used as forms of payments on a variety of online applications. They can also be traded on dedicated online exchanges. Securities regulators have intensified their scrutiny of the nascent asset class, noting that some tokens may be considered securities, which would make their issuance, sale and trading subject to federal laws.
U.S, Securities navy rim mop round stainless steel cufflinks and Exchange Commission Chair Jay Clayton said in February he believed most of the sales of new tokens, known as initial coin offerings, should be considered securities, However, the SEC has not specifically classified which coins are securities, A New York federal judge ruled on Tuesday that a case could proceed in which U.S, securities law was being used to prosecute fraud cases involving cryptocurrency offerings, In the first of three separate actions announced on Tuesday, the Financial Industry Regulatory Authority (FINRA) accused Timothy Ayre, owner of Rocky Mountain Ayre (RMTN.PK), of committing securities fraud after he sold and marketed the digital asset HempCoin..
HempCoin was backed by shares of Rocky Mountain Ayre, but Ayre did not register the coin as a security, FINRA said. Between 2016 and 2017, investors mined more than 81 million HempCoin, which they traded on the cryptocurrency exchanges C-Cex and Yobit. Ayre could face a fine or suspension from the securities industry. Franklin Ogele, a lawyer representing Ayre, said they are planning to fight the charges because it is not clear that HempCoin can be considered a security. The SEC separately on Tuesday said TokenLot and its heads Lenny Kugel and Eli Lewitt agreed to pay $471,000 in disgorgement plus interest to settle charges that they acted as an unregistered broker-dealer for the sale of digital tokens.
Kugel declined to comment on the settlement, Kugel, Lewitt and TokenLot did not admit or deny the SEC’s findings, Finally, the SEC said the hedge fund Crypto Asset Management LP agreed to pay a $200,000 penalty after it was found to have offered a fund it falsely said was regulated by the SEC when it was not, The fund and its manager Tim Enneking, who was also named in the order, neither admitted nor denied the SEC’s findings, Enneking in a telephone interview said the firm cooperated with the SEC, and removed two statements from its website navy rim mop round stainless steel cufflinks as soon as the regulator notified it about the problem..