Post Tagged with: "Wells Fargo & Co."

CFPB Missed Chance to Probe Wells Fargo’s Insurance Scandal, Report Finds

CFPB Missed Chance to Probe Wells Fargo’s Insurance Scandal, Report Finds

September 20, 2017 at 12:46 pm 0 comments

A new report from the House Financial Services Committee argues that the Consumer Financial Protection Bureau stopped its investigation of Wells Fargo & Co.’s faked checking accounts scandal early and missed an opportunity to uncover Wells Fargo Dealer Services’ ensuing collateral protection insurance scandal earlier. The report cites a documentRead More

Wells Fargo CEO and President Tim Sloan speaks to team members during a company wide town hall meeting in Pasadena, CA on May 16, 2017. (Via Wells Fargo)

Wells Fargo CEO Addresses Auto Scandals at Barclays Conference

September 13, 2017 at 12:39 pm 0 comments

Wells Fargo & Co. Chief Executive Tim Sloan spoke on a number of issues impacting the bank’s auto finance business during a presentation at the 2017 Barclays Financial Services Conference including the forced-insurance scandal, tightened underwriting tactics, and a possible increase in losses due to Hurricane Harvey. When asked aboutRead More

Via Flickr/ seniorliving.org

Wells Fargo Slashes Originations 45% in 2Q

July 14, 2017 at 12:27 pm 0 comments

Wells Fargo Dealer Services Inc. nearly halved its originations in the second quarter, compared with the prior-year quarter, reflecting tighter underwriting standards, the company reported in its earnings today. The bank originated $4.5 billion worth of auto loans — a 45% decline year over year — as well as a 5% declineRead More

CFPB Scrutinizes Repossession Accounts for Fraud

CFPB Scrutinizes Repossession Accounts for Fraud

May 22, 2017 at 10:43 am 1 comment

SAN DIEGO — The Consumer Financial Protection Bureau is questioning lenders about potential fraudulent data in accounts slated for repossession, Calvin Hagins, the agency’s deputy assistant director for originations, said while making comparisons to Wells Fargo & Co.‘s fake checking accounts settlement. “We can look at other markets where folksRead More

Wells Fargo CDF to Roll Out Pre-Owned Dealer Rewards Program

Wells Fargo CDF to Roll Out Pre-Owned Dealer Rewards Program

April 27, 2017 at 9:31 am 0 comments

Well Fargo Commercial Distribution Finance will launch a dealer rewards program early next month in the wake of increasing consumer demand for pre-owned vehicles, Jeremy Jansen, president of the company’s motorsports group, told Powersports Finance. “We are very excited to deliver inventory financing solutions to the pre-owned space,” he said.Read More

Wells Fargo CDF Extends Dealer Financing With Suzuki

Wells Fargo CDF Extends Dealer Financing With Suzuki

April 19, 2017 at 9:45 am 0 comments

Wells Fargo Commercial Distribution Finance extended its financing program with Suzuki Motor of America Inc., and will continue to serve the manufacturer’s network of powersports and marine dealers with inventory financing, according to a company press release. Suzuki Motor of America distributes motorcycles, ATVs, scooters, and outboard motors via an extensive dealerRead More

Know Before You Owe: Powersports Regulatory Lessons Learned From Auto Finance

Know Before You Owe: Powersports Regulatory Lessons Learned From Auto Finance

February 23, 2017 at 10:00 am 0 comments

At the very least, lenders should identify who in the organization is responsible for compliance, and dedicate as many resources as possible toward creating a compliance system that management deems appropriate for the company’s size, complexity, and consumer risk profile, David E. Gemperle, partner at Nisen & Elliott LLC, toldRead More

Photo by Mike Mozart via Flickr.

Executive VP Bill Katafias Leaves Wells Fargo

February 2, 2017 at 12:29 pm 4 comments

After 24 years at Wells Fargo Dealer Services, Executive Vice President Bill Katafias no longer works at the company, a spokeswoman confirmed to Auto Finance News. “As the company evaluates longer term plans for leading the business, Jerry Bowen, head of Commercial Dealer Services, will assume interim leadership of theRead More

Wells Fargo ‘Holding Fast’ on Shorter Loan Terms Despite Volume Loss, CFO Says

Wells Fargo ‘Holding Fast’ on Shorter Loan Terms Despite Volume Loss, CFO Says

January 20, 2017 at 11:12 am 2 comments

Wells Fargo & Co. saw “broad based growth” across many of its commercial and consumer portfolios, however, auto was an “exception,” John Shrewsberry, the company’s chief financial officer, said during its fourth-quarter earnings call last Friday. “Auto originations in the fourth quarter totaled $6.4 billion, down 21% from the thirdRead More

One Unanswered Case Led to Wells, DOJ Settlement

One Unanswered Case Led to Wells, DOJ Settlement

October 7, 2016 at 10:45 am 0 comments

LAS VEGAS — The Wells Fargo & Co.’s settlement with the Department of Justice — announced Sept. 30 — stemmed from one unanswered inquiry. The DOJ launched its investigation after it received a complaint in March 2015 from the U.S. Army’s Legal Assistance Program alleging that Wells Fargo — doingRead More

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