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Wells Fargo faces DoJ sanction over soldiers' car loans - Bbg

Sept 29 Wells Fargo & Co is facing a U.S. Department of Justice sanction for improperly repossessing cars owned by members of the military, Bloomberg reported.

Federal prosecutors and the Office of the Comptroller of the Currency (OCC) plan to punish Wells Fargo for alleged violations of the Servicemembers Civil Relief Act, Bloomberg reported, citing two people with knowledge of the investigation.

A penalty of as much as $20 million is expected from the OCC, Bloomberg said. (bloom.bg/2cECN0N)

The Department of Justice declined to comment. A spokesman for the OCC declined to comment on possible enforcement actions.

Wells Fargo did not immediately respond to a request for a comment. (Reporting by Sruthi Shankar in Bengaluru; Editing by Anil D'Silva)

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