Wells Fargo faces sanctions for auto insurance payouts

Wells Fargo is set to face sanctions for receiving commissions on auto insurance policies, people familiar with the matter told Reuters.

Last July, Wells Fargo officials said a third-party vendor was at fault for layering insurance policies on its auto borrowers.

However, according to the sources, Wells Fargo did not disclose it received payouts when the policies were written.

Read more from Reuters.