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. ... Read full article
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. ... Read full article
The legislation would prohibit the CFPB from penalizing institutions that rely in good faith on guidance from the bureau. ... Read full article
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. ... Read full article
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. ... Read full article
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. ... Read full article
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. ... Read full article
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. ... Read full article
Passage of a resolution blocking guidance on auto loan pricing could set a precedent that allows Congress to nullify other long-past regulatory issuances. ... Read full article
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. ... Read full article
The Senate is expected to pass a bill that would ax controversial guidance on loans at car dealerships; lower tax rate may have skewed year-on-year comparisons. ... Read full article
As the Senate closes in on overturning the Consumer Financial Protection Bureau's 2013 indirect auto loan rule, a central question is how lasting the congressional measure will be in limiting the CFPB's authority. ... Read full article
Lawmakers should not toss out an agency rule aimed at curbing auto dealer markups that adversely impact borrowers of color. ... Read full article
Sixty-four consumer groups are speaking out against a Senate measure, expected to be voted on this week, that would overturn the Consumer Financial Protection Bureau's 2013 regulation on discriminatory pricing by auto lenders. ... Read full article
A 28% increase in lease assets helped offset stagnant growth in traditional auto lending. ... Read full article
Concerned about rising default rates, banks "significantly" tightened underwriting in the first quarter, the Bank of England said in a report published Thursday. ... Read full article
Retail banking chief Christian Sewing will become CEO immediately; higher deposit rates could trim lending margins as banks head into earnings season. ... Read full article
The subprime auto lender failed to disclose that it received fees for referring borrowers to CarMax, the used-car dealer, according to California's financial regulator. ... Read full article
Growing numbers of small subprime auto lenders are closing or shutting down after loan losses and slim margins spur banks and private equity owners to cut off funding. ... Read full article
Late-payment rates at banks declined in nine out of the 11 consumer loan categories tracked by the American Bankers Association, including credit cards, auto loans and personal loans. ... Read full article
