(Adds OCC statement, background)
Sept 29 Wells Fargo & Co was fined about
$24 million on Thursday by federal regulators for alleged
violations of the Servicemembers Civil Relief Act, piling more
pressure on the bank already embroiled in a sales abuse scandal.
Wells Fargo Bank, doing business as Wells Fargo Dealer
Services, agreed to pay more than $4.1 million after the Justice
Department alleged it repossessed 413 cars owned by
servicemembers without obtaining a court order.
The unit of Wells Fargo also agreed to change its policies,
the department said.
Separately, the bank was fined $20 million for violating the
same act by the Office of the Comptroller of the Currency.
The bank violated three separate provisions of the act
between about 2006 and 2016, the regulator, which did a separate
Wells Fargo CEO John Stumpf on Thursday faced U.S.
lawmakers' calls to resign during his second trip to Capitol
Hill for his handling of the sales abuses, where staff opened
as many as 2 million accounts in customers' names without their
The San Francisco-based bank has agreed to pay $190 million
earlier this month to settle regulatory charges over the scandal
and has fired about 5,300 employees.
Wells Fargo shares closed down 2.07 percent at $44.37 on
Thursday. They have lost nearly 11 percent, or about $27 billion
in market value, since Sept. 7, the last trading day before the
(Reporting by Eric Beech in Washington and Narottam Medhora in
Bengaluru; Editing by Mohammad Zargham and Sriraj Kalluvila)