Wells Fargo Co. (NYSE:WFC) faces a fine of US$1bln by US regulatory agencies following accusations the bank unfairly charged high auto-collateral-protection insurance to customers, The New York Times reported.
The penalty, the largest ever imposed by the US Consumer Financial Protection Bureau, will probably be levied today, The New York Times said, citing people briefed on the regulatory action.
The bank has been embroiled in scandals over the past year over alleged misdeeds, including improperly charging mortgage insurance customer.
Wells Fargo stock rose 2% to US$52.56 at 9:58 a.m.