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Report: OCC, CFPB investigating Wells Fargo over GAP insurance program

The Office of the Comptroller of the Currency and the Consumer Financial Protection Bureau are also investigating Wells Fargo & Co.'s guaranteed auto protection insurance program, the American Banker reported Aug. 8, citing "people with knowledge of the matter."

The New York Times earlier reported that the Federal Reserve Bank of San Francisco is probing the company regarding the issue.

The OCC had been in talks with Wells Fargo over the company's auto collateral protection insurance, wherein it wrongfully charged customers with premiums.