Auto, personal and credit card originations have fallen as delinquencies have risen, but researchers called the slowdown a temporary rebalancing by lenders.
The online consumer lender reported a net loss of $25.4 million, bringing its red ink in the five most recent quarterly reports to more than $200 million.
Wells Fargo & Co. settled an 11-year-old lawsuit with the U.S. government that claimed the lender overcharged veterans under a federal mortgage-refinancing program.
The Fed’s quarterly Senior Loan Officer Opinion Survey found that demand decreased for both commercial and industrial and commercial real estate loans.
The bank forced hundreds of thousands of auto loan borrowers to take out insurance they didn't need, putting some into delinquency; a Russian man is arrested and charged in $4 billion money laundering scheme.
Wells Fargo's campaign to rebuild customer and shareholder trust just hit another bump, as the bank said it may have pushed thousands of car buyers into loan defaults and repossessions by charging them for unwanted insurance.
The Riverwoods, Ill., company is trying to assure Wall Street that its higher chargeoff rates signal a return to normalcy, rather than a cause for alarm.
