November 20, 2017 - Industry News
According to media reports, Franklin Codel, the bank’s head of consumer lending, was fired after making disparaging comments about a bank regulator to a fired employee, who reported the executive’s comments to bank officials.
Tags: auto finance, employee, Wells Fargo Dealer Services
November 16, 2017 - Industry News
The latest payout is related to the $4.1 million settlement the bank reached in September 2016 to resolve the DOJ’s allegations that the bank violated the Servicemembers Civil Relief Act. According to the DOJ, the bank identified an additional 450 servicemembers impacted by its unlawful repossessions between January 2008 and July 2015.
Tags: auto finance, compliance, Servicemembers Civil Relief Act, Wells Fargo Dealer Services
September 21, 2017 - Industry News
House Republicans charged in a new report that the CFPB missed an opportunity to uncover Wells Fargo’s recently revealed insurance and GAP refund issues when it rushed to settle with the bank last year for opening unauthorized customer accounts. It also accused the bureau of withholding a memo backing its claims.
Tags: CFPB, House Financial Services Committee, Jeb Hensarling, Richard Cordray, Scandal, Wells Fargo, Wells Fargo Dealer Services
August 8, 2017 - Industry News
Wells Fargo has once again found itself under regulatory scrutiny following an internal review and external inquiry that may have uncovered funds owed to car buyers who purchased GAP and paid their loans off early.
Tags: auto finance, compliance, GAP, Wells Fargo Dealer Services
July 20, 2017 - Industry News
With second quarter originations plunging 45% from a year ago on tightening underwriting standards, bank execs said they expect originations to continue falling for the rest of the year before stabilizing in the first half of 2018.
Tags: auto finance, car loan, F&I office, Wachovia Dealer Services, Wells Fargo Dealer Services
May 10, 2017 - Industry News
Bill Katafias, a longtime retail credit executive for Wells Fargo Dealer Services, has joined CRB Auto as its new CEO. He succeeds Scott Raymer, who previously announced his resignation from his CEO post to pursue other opportunities.
Tags: auto finance, Bill Katafias, CRB Auto, Indirect Lending, Mechanics Bank, Wells Fargo Dealer Services
January 11, 2017 - Industry News
Wells Fargo announced this week that Dawn Martin Harp, the head of Wells Fargo Dealer Services, is set to retire this year, after more than 20 years of service.
Tags: Retirement, Wells Fargo, Wells Fargo Dealer Services
October 7, 2015 - Industry News
Wells Fargo Dealer Services has opened its second regional business center in Houston — its fifth in Texas. The new center will serve approximately 100 dealerships in the region.
Tags: Wells Fargo Dealer Services
August 4, 2015 - Industry News
The new location represents Wells Fargo Dealers Services’ 56th Regional Business Center. It’s also the first of two new offices the company plans to open in 2015.
Tags: auto finance, F&I manager, F&I process, Indirect Lending, Wells Fargo Dealer Services
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