wells 03Wells Fargo Said to Face U.S. Probe Over Soldiers’ Car Seizures

 

This is a bloomberg.com article.

 

Wells Fargo & Co. is facing a U.S. investigation into whether it improperly repossessed cars owned by members of the military, according to two people with knowledge of the probe.

In their review, the Justice Department and bank regulators are examining Wells Fargo’s compliance with the Servicemembers Civil Relief Act, which in most cases requires that firms obtain a court order before seizing vehicles from soldiers, sailors, airmen and Marines. The government and Wells Fargo have begun discussing how to compensate borrowers who might have been affected, said one of the people, who asked not to be named because the investigation isn’t public.

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PiggyBankBlog Courtroom Bailiff: “All Rise! The Honorable Wells Fargo Whistleblower Elizabeth Jacobson has entered the Courtroom of Public Opinion in recent PiggyBankBlog Court of Public Opinion Radio Interview!”