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Wells Fargo Explores Switch to Flat-Fee Pricing Model

Wells Fargo & Co. is mulling the switch to a flat-fee dealer compensation model to provide consumers “pricing clarity,” Senior Executive Vice President of Community Banking Mary Mack said at Deutsche Bank’s Global Financial Services Conference last month. “Normally, the response in our industry around pricing clarity is more disclosures,” she said. “What we said […]

Wells Fargo Seeks Approval of $394M Settlement

Wells Fargo & Co. and National General Insurance Co. will reconvene at the U.S. District Court of Santa Ana, Calif., on July 8 for preliminary approval on a proposed $393.5 million settlement, according to a court filing published yesterday. Wells Fargo has agreed to pay $386 million and National General will pay $7.5 million in […]

Wells Fargo’s CEO Search: Here Are Likely Outside Candidates

For more than two years, Wells Fargo & Co.’s board maintained an insider could reform the bank. Now that Tim Sloan has stepped down, directors are changing their tune — and must find an outsider who wants the job. Between a pair of visits to Capitol Hill and facing public criticism from the Federal Reserve […]

On The Radar: Lenders Eye 3 States Set to Intensify Oversight

From the March issue: Despite the regulatory sigh of relief provided last year by the rollback of the 2010 Dodd-Frank Act, stricter state regulations have auto lenders holding their breath. On the heels of a February 2018 call by Mick Mulvaney, former acting director of the Consumer Financial Protection Bureau, to let states more often […]

Lower Originations Prompt Rifco to Shrink Credit Line

Rifco National Auto Finance is shrinking its Wells Fargo-led credit facility to its lowest level, Chief Financial Officer Warren Van Orman told Auto Finance News. “Basically, in our current utilization and the way the cost structure is, it makes more sense to us to be at $65 million than at $100 million,” Van Orman said. […]

BBVA, NMAC, TD Bank, Wells Fargo See Tech as Top Priority for 2019

LAS VEGAS — Digital transformation and changing consumer communication trends will be top priorities for four of the nation’s largest lenders in 2019, according to an exclusive Auto Finance News survey of the resource-allocation plans among the companies’ senior executives. Results from the survey of BBVA Compass, Nissan Motor Acceptance Corp., TD Bank, and Wells […]

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 […]
  • Nicole Casperson
  • October 12, 2018
  • Earnings

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 […]
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