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Wells Fargo is the undisputed world champion of screwing over customers via auto loans. Veterans, people who owed nothing on their cars, people who very much didn’t need that insurance Wells forced them to buy, more than a half-million people in total, likely to cost Wells in excess of $3 billion. It’s really quite impressive, a Cal Ripken-like decade-long streak unlikely to be seriously challenged. But don’t think Banco Santander can’t try!

Santander Consumer USA Holdings Inc said on Tuesday it had agreed to make changes to its underwriting practices as part of a $550 million settlement with 33 states and the District of Columbia over subprime auto loans…. California said Santander approved loans it expected would default at rates of greater than 70% and alleged “Santander’s aggressive pursuit of market share led it to underestimate the risk associated with loans by turning a blind eye to dealer abuse….”

In 2017, Santander agreed to pay $25.9 million to resolve investigations by the attorneys general in Massachusetts and Delaware over sub-prime auto loans.

Santander agrees to $550 million U.S. settlement over subprime auto loans [Reuters]



Meet The Australian Wells Fargo

Westpac even (allegedly) conjured a scheme that eluded Wells’ most enterprising fraudsters.

Wells Fargo.Insane

You Know It’s Bad When A Judge Says ‘Wells Fargo Committed Fraud’ And That’s Not The Key Issue

You also probably won’t be surprised to see our old friends at FINRA popping up.

Wells Fargo.Insane

Wells Fargo Employees Still Know How To (Fraudulently) Gussy Up An Application

And like some of their bad apple brethren are thusly former Wells Fargo employees now.

charles scharf

Bonus Watch: Wells Fargo CEOs

Wells had another Wells-y year, but no matter.

American Banks Lookin' Prettay, Prettay, Prettay Good

Compared to the U.S.-based units of Deutsche Bank and Banco Santander expected to receive F's on their stress tests.

Wells Fargo.Insane

Wells Fargo Employees Tell John Stumpf That "We Learned It From Watching You, Dad"

This "A few 5,300 bad apples ruined the bunch" defense is not holding up too well.

Wells Fargo.Insane

Wells Fargo Would Like To Keep Its Rigged Arbitration Victory, Please

I mean, a little panel-tampering and light perjury can’t possibly render one of those things moot, right?