"I think you're being naïve if you think there aren't folks out there who are breaking consumer financial protection laws," Mulvaney told an industry meeting last month.The OCC and Wells Fargo declined to comment. A spokesman for the CFPB did not respond to a request for comment.Lawmakers will get a chance to question Mulvaney about the settlement talks at two separate hearings in Congress on Wednesday and Thursday. Wells Fargo is due to report earnings on Friday and some officials hoped to have a deal by then.Mulvaney was asked about the Wells Fargo matter at an industry event on Monday and declined to comment.In the case of Wells Fargo and auto insurance, agency lawyers have raised concerns about how different customers received different treatment from the bank.Drivers who financed a car through a dealer could be pushed into insurance if Wells Fargo suspected a policy had lapsed. Drivers who went directly to the bank for a loan were not subject to such "force-place" insurance after 2011, the bank has said.The bank has also said it did not monitor insurance for borrowers with high credit scores. Borrowers with lower credit scores could get pushed into force-placed insurance.Lawyers are debating whether the bank should pay a higher fine for the uneven treatment of customers, the sources said.Trump had pledged tough penalties for Wells Fargo after Reuters reported in December that Mulvaney put the mortgage-lending abuse sanctions on ice.

Source: The Star April 09, 2018 21:11 UTC