Wells Fargo Consumer Finance Exec Resigns

The chairman of Wells Fargo & Co.’s consumer finance arm, which ran afoul of California regulators and consumer groups this year, said he was quitting for personal reasons.

Dan Porter, 47, said that after 3 1/2 years at Des Moines-based Wells Fargo Financial, he had revitalized the business and that he wanted “a better balance in my life.”

Wells Fargo Financial repaid 15,000 borrowers in January when regulators found small overcharges on personal loans.

In May, activists protested the company’s lending in poor neighborhoods. Porter disputed allegations of deceptive tactics. He said his departure was unrelated to the disputes.

E. Scott Reckard