Wells Fargo To End Direct Advance Loans; Others Follow

Wells Fargo & Co (NYSE:WFC), the largest U.S. home lender, plans to stop offering advance loans to direct deposit customers.

U.S. Bank too is stopping the payday-loan-like product that invited warnings from regulators.

OCC’s concern for Wells Fargo and others

Wells Fargo & Co (NYSE:WFC) will cease offering advance loans to direct deposit customers starting February 1, while Minneapolis-based U.S. Bancorp (NYSE:USB), the nation’s largest regional lender, said its program would end January 31. Earlier Cincinnati-based Fifth Third Bancorp (NASDAQ:FITB). Regions Financial Corporation (NYSE:RF) too announced...