Office of the Comptroller of the Currency | Auto Finance News | Auto Finance News

CFPB Chief Kraninger Appointed Chairman of FFIEC

Kathy Kraninger, director of the Consumer Financial Protection Bureau, was appointed chairman of the Federal Financial Institutions Examination Council last week, according to a company press release. The FFIEC is a formal inter-agency body tasked with prescribing recommendations to promote uniformity in the supervision of financial institutions through uniform principles, standards, and report forms. Its […]

Regulators Reject Wells Fargo’s Plan to Pay Back Consumers Affected by Insurance Scandal

Wells Fargo & Co.’s proposal to remediate consumers impacted by its force-placed insurance scandal was rejected by regulators for not comprehensively coverings all affected borrowers, according to a report from Tuesday evening. The lender submitted their plan to pay back consumers in June per the requirements of a $1 billion consent order issued by the […]

Wells Fargo Offered $1B to Settle Force-Placed Auto Insurance Scandal Amid First Quarter Earnings

Wells Fargo & Co.’s first-quarter earnings were largely overshadowed by the bank’s confirmation that two regulators have offered to settle investigations into the lender’s auto insurance and mortgage practices for $1 billion. The $1 billion figure reported last week by Reuters has been offered by the Office of the Comptroller of the Currency and the […]
  • William Hoffman
  • April 13, 2018
  • Earnings

Wells Fargo Expands Review of Service Contracts as Regulators Loom

Wells Fargo Auto is increasing its efforts to review auto products and services sold at dealerships as regulators take a renewed interest in the aftermarket products, the Wall Street Journal reported Sunday. Last year, Wells Fargo disclosed that the Federal Reserve Bank of San Francisco was inquiring about faulty refunds for guaranteed asset protection (GAP) […]

Wells Fargo Pays $5.4M for 450 Additional Illegal Servicemember Repos

Wells Fargo Dealer Services on Tuesday agreed to pay the Justice Department an additional $5.4 million to compensate 450 servicemembers whose vehicles were illegally repossessed and not identified through the original 2016 settlement.    In 2016, the company agreed to settle claims that it had violated the Servicemembers Civil Relief Act by improperly repossessing vehicles from […]
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