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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]


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.

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.

By U.S. Treasury Department

Things Definitely Not Getting Better For Wells Fargo

In fact they're getting "I called the Wells Fargo ethics line and was fired" bad.

By Eduardo P (Own work) [CC BY-SA 3.0], via Wikimedia Commons

Banco Santander Doing Its Best Impression Of A Non-Spanish Bank

And just when Brian Moynihan was gonna make siestas a thing.

Wells Fargo Bless this Mess

Lying To, Overcharging Customers Sure Seems Like Wells Fargo’s Primary Strategy

Whether you’re a simple homeowner or a sophisticated investment banking client, it’s just the way Wells does business.


Elizabeth Warren Would Like Wells Fargo’s Latest Setback To Be Its Last

Well, it’s second-to-late. And if not that, let it be Jay Powell’s last.