Dollar Financial reports that it has secured a renewal on its current line of credit. In an announcement dated December 30th, Dollar (ticker: DLLR) said that the new line will afford it more flexibility and on favorable terms.

The $200 million line is offered by a syndicate and facilitated by Wells Fargo. The line can be used (more…)

With the latest round of re-organization at Jackson Hewitt, Wells Fargo seems destined to run the nation’s second largest tax preparation chain in the country.

When Wells purchased Wachovia, it inherited a position as the lead lender to Jackson (more…)

In a new low for newspapering, Wells Fargo bought the front page of newspapers throughout the southeastern United States on Sunday. In North Carolina, both the Charlotte Observer and the Greensboro News and Record sold their dignity and their front page. The Richmond Times-Dispatch did the same.  Fifteen years ago, media critics groaned when USA Today (more…)

In testimony before Congress on Thursday, the Deputy Comptroller of the Currency asserted the OCC’s support of more short-term small dollar loans by their national banks.

Barry Wides (who is a nice guy) spent most of his time extolling efforts by member banks to provide credit through secured credit cards, overdrafts, and short-term installment loans.

Poor people are exactly the ones that banks are moving off their rolls lately with (more…)

- Editor’s Note: This is a guest editorial by Peter Skillern. Mr. Skillern is the Executive Director of the Community Reinvestment Association of North Carolina. His comments also appear in a story published in today’s Charlotte Observer.

I am an advocate who for 20 years has petitioned for lenders to be held accountable for unfair and illegal loan practices.  Yesterday, the Federal Reserve fined Wells Fargo $85 million and ordered up to $200 million in restitution to borrowers. The penalty is meant to address violations made by Wells Fargo Finance, which was a mortgage loan (more…)