The Wall Street Journal: Warren quizzes Wells Fargo on customer refunds

Wells Fargo ’s botched efforts to repay customers hurt by improper fees on car loans and home mortgages are coming under congressional scrutiny.

In a Feb. 13 letter to Timothy Sloan, Wells Fargo’s WFC, +1.50%  chief executive, Elizabeth Warren, a Democratic Senator from Massachusetts, posed almost a dozen questions about the bank’s troubled customer-remediation programs, reported by The Wall Street Journal. She asked Sloan to answer the questions by Feb. 28 and to make good on a pledge he has made to take care of the bank’s customers in the wake of widespread abuses, according to a copy of the letter reviewed by the Journal.

“Wells Fargo remains focused on making things right for our customers,” and the bank is working with its regulators to insure customer repayments “are completed accurately and as quickly as possible,” a spokeswoman said in a statement. She added that Wells Fargo “will address any questions Senator Warren or her colleagues on Capitol Hill have about these plans under way.”

Responding to regulatory actions in recent years, many banks have created remediation programs to reimburse wronged customers. Because such programs are conducted behind-the-scenes, it is difficult to assess how effectively they are designed and carried out

An expanded version of this story appears on WSJ.com.

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