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ATTORNEY GENERAL HERRING ANNOUNCES START OF WELLS FARGO CONSUMER REDRESS REVIEW PROGRAM

~Program allows consumers who have not been made whole through other remediation programs to have inquiry reviewed by escalation team~

RICHMOND (March 4, 2019) -Under the terms of a settlement between Wells Fargo and a multistate coalition including Attorney General Mark R. Herring, Wells Fargo has begun a consumer redress review program to make whole those customers who were harmed by Wells Fargo's unauthorized account scandal and who have not received a full reimbursement through other programs. The new program will allow consumers to have their case individually reviewed by a Wells Fargo escalation team to see if they may be eligible to receive any other compensation. Virginia secured changes in Wells Fargo's business practices and $11.5 million in compensation as part of a $575 million multistate settlement in December to resolve claims that the bank violated state consumer protection laws.

"I would encourage any Virginians who believe they have been a victim of Wells Fargo's deceitful business practices to reach out to the company to see what kind of relief they are owed," said Attorney General Herring. "We must continue to hold Wells Fargo accountable for creating a corporate culture that forced employees to use deceptive tactics to fill unreasonably high sales quotas for fear of losing their jobs. My team and I will continue to make sure that the needs of consumers, and not just profit margins, dictate the way businesses operate."

The consumer redress review program was a key component of the December 2018 settlement with the attorneys general of all 50 states and the District of Columbia to resolve claims that the bank violated state consumer protection laws by:

• opening millions of unauthorized accounts and enrolling customers into online banking services without their knowledge or consent,
• improperly referring customers for enrollment in third-party renters and life insurance policies,
• improperly charging auto loan customers for force-placed and unnecessary collateral protection insurance,
• failing to ensure that customers received refunds of unearned premiums on certain optional auto finance guaranteed asset/auto protection ("GAP") products, and
• incorrectly charging customers for mortgage rate lock extension fees.

As part of the program, Wells Fargo will maintain a website that contains information regarding consumers' eligibility for redress. Wells Fargo's website describes the issues covered by the settlement agreement and provides escalation phone numbers consumers may use to request review. In addition, Wells Fargo will provide periodic reports to the states about ongoing remediation efforts.

You can access Wells Fargo's consumer redress review website here: https://www.wellsfargo.com/commitment/redress/ 

Consumers with questions or concerns may call the following Wells Fargo escalation phone numbers:

• Unauthorized Accounts / Improper Retail Sales Practices: 1-844-931-2273
• Improper Renters and Life Insurance Referrals: 1-855-853-9638
• Force-Placed Collateral Protection Auto Insurance ("CPI"): 1-888-228-9735
• Guaranteed Asset/Auto Protection ("GAP") Refunds: 1-844-860-6962
• Mortgage Interest Rate Lock Extension Fees: 1-866-385-5008

Since 2014, Attorney General Herring's Consumer Protection Section has recovered more than $292 million in relief for consumers and payments from violators. The Section has also transferred more than $33 million to the Commonwealth's General Fund. Following a major reorganization and enhancement in 2016, the OAG's Consumer Protection Section has been even more effective in fighting for the rights of Virginians.

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