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US senators question Wells Fargo, National General over auto insurance issue

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US senators question Wells Fargo, National General over auto insurance issue

A group of U.S. senators wrote to Wells Fargo & Co. CEO Timothy Sloan and National General Holdings Corp. CEO Barry Karfunkel, questioning them about the improper charging of insurance premiums to the bank's auto loan customers.

The senators — John Thune, R-S.D., and Bill Nelson, D.-Fla., the respective chairman and ranking member of the Committee on Commerce, Science and Transportation, as well as Jerry Moran, R-Kan., and Richard Blumenthal, D-Conn., the respective chairman and ranking member of the Subcommittee on Consumer Protection, Product Safety, Insurance, and Data Security — asked about the exact number of affected customers, as well as the process for issuing refunds. They also requested for a copy of the bank's internal report where the problem was first identified.

The two companies have until Aug. 23 to respond.

On July 27, Wells Fargo announced that it is repaying around $80 million in remediation to auto loan customers affected by its faulty collateral protection insurance.