About a month after dismissing its former head of consumer lending, Wells Fargo named Mary Mack to the post. The 33-year Wells Fargo veteran will maintain her prior duties as senior executive vice president of community banking, which she has led since July 2016.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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