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Official

500,000 customers were forced to buy car insurance they didn't need

Wells Fargo & Co will pay $1 billion to settle with U.S. regulators who say the bank wrongly layered insurance on hundreds of thousands of drivers and routinely hit homebuyers with excessive fees, officials said on Friday.

It's facing sanctions from two different federal regulators

Wells Fargo & Co is close to settling a record fine of $1 billion imposed by two U.S. regulators for its risk management business, a source familiar with the matter told Reuters on Thursday.

Report

Both the Department of Justice and bank regulators are involved in the investigation.

Wells Fargo allegedly violated the Servicemembers Civil Relief Act, a federal law that protects active duty servicemen from things like repossessions.