Auto insurance: Thousands of customers who bought cars with loans from Wells Fargo were forced to buy unnecessary insurance policies from the bank with premiums that topped a $1,000 a year. The bank said the policies could have contributed to about 27,000 customers having their cars repossessed after defaulting on their loans.

Compliance: In 2011, the currency comptroller’s office said, the bank “failed to implement and maintain a compliance risk management program commensurate” with its size and complexity.

Taking Steps to Atone

Wells Fargo agreed to submit plans to regulators detailing how it plans to strengthen its compliance and risk-management programs and “remediation efforts” for customers.

The consumer bureau said at least 50,000 customers would probably “require remediation” and that the total to be repaid would exceed $10 million. Wells Fargo said the settlement would result in the $5.9 billion in first-quarter profits it reported last week being reduced by $800 million.

Latest in a Series of Penalties

Under the deal announced on Friday, Wells Fargo will effectively pay $500 million to each regulator. The consumer bureau said it was imposing a $1 billion penalty but was deducting from that the amount that Wells Fargo was paying to the currency comptroller’s office.