Wells Fargo Said to Face U.S. Probe Over Soldiers’ Car Seizures

By Jesse Hamilton and Tom Schoenberg, Bloomberg News

Wells Fargo & Co. is facing a U.S. investigation into whether it improperly repossessed cars owned by members of the military, according to two people with knowledge of the probe.

In their review, the Justice Department and bank regulators are examining Wells Fargo’s compliance with the Servicemembers Civil Relief Act, which in most cases requires that firms obtain a court order before seizing vehicles from soldiers, sailors, airmen and Marines. The government and Wells Fargo have begun discussing how to compensate borrowers who might have been affected, said one of the ...