First, Wells Fargo provides ammo for the ban on mandatory arbitration agreements with its credit card shenanigans. Now, when there is a good chance that Congress will prevent the ban from taking effect, Wells admits to problems with its use of CPI in auto finance. AFSA has warned the Senate vote on the arbitration ban could be close. Will this tip it into the negative? Wells Fargo is also closing its regional auto finance operations.
I used to have a good opinion of Wells Fargo. But over the years I've heard stories of ethical lapses. Now I worry that all of auto finance will pay for this bank's misdeeds.