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Senators Urge Regulatory Oversight of AI to Prevent Discrimination

As auto lenders increasingly turn to technology like artificial intelligence to improve business practices, two senators are pressing regulators to ensure anti-discrimination laws keep up with the innovation. Sen. Elizabeth Warren (D-Mass.) and Doug Jones (D-Ala.) sent a letter to the leaders of the Consumer Financial Protection Bureau, Federal Reserve, Office of the Comptroller of […]

Wells Fargo Auto Originations Climb Despite Shrinking Portfolio

Though Wells Fargo Auto’s portfolio declined in the third quarter, the bank posted higher origination volume and improved credit performance in its third-quarter earnings released today. Originations increased 10% year over year to $4.8 billion, yet Wells Fargo’s auto portfolio declined 17% to $46.1 billion. The bank noted the downsized portfolio is “reflecting our focus […]