No individuals have been named in connection with the bank’s recent misdeeds, which resulted in a $1 billion fine, even as some senior leaders stand to gain from the government’s tax cut.
The move toward more asset-based finance shows how CEO Craig Dahl, in his second year at the helm, is reshaping the Minnesota company after its surprise exit from auto lending last year.
The issues at Wells Fargo extend beyond the fines; Ally Financial's auto finance chief departs; ICBA chief Cam Fine signs off; and more from this week's most-read stories.
The latest fine from regulators is expected to be leveled against the bank as early as Friday. But it's far from the only penalty it has paid in recent years, and more may be on the way.
Readers react to the Senate overriding the Consumer Financial Protection Bureau's auto lending guidance, weigh in on House efforts to reform the Dodd-Frank Act and debate technology being used to replace new branches.
Tim Russi played a key role in the company’s transition away from its once-close relationship on General Motors. He will be succeeded by Doug Timmerman, a 32-year Ally veteran.
Bill to end the guidance intended to fight discriminatory lending now goes to the House; card company’s push to make more loans to customers pays dividends.
Passage of a resolution blocking guidance on auto loan pricing could set a precedent that allows Congress to nullify other long-past regulatory issuances.
The Senate voted Wednesday to block guidance issued by the Consumer Financial Protection Bureau in 2013 that was meant to stop discriminatory markups on indirect loans made by car dealers.
