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November 30, 2016 - Industry News

CUDL Credit Unions Now No. 2 Auto Finance Source

The more than 1,000 credit unions using CU Direct’s CUDL Lending Platform have generated one million loans year to date, surpassing Ally Bank in loans originated this year.

Tags: Auto Lending, credit unions, CU Direct

February 10, 2016 - Industry News

Carleton Announces New Suite of Lending Software

The suite includes the latest upgrades to the firm’s LoanSmart Solutions, which have been adopted by major lending software providers for more than 20 years. The offerings also meet the Consumer Financial Protection Bureau’s third-party vendor compliance recommendations and consumer privacy and security requirements.

Tags: Auto Lending, Carleton, Dealer Software, software

January 7, 2016 - Industry News

Edmunds, CUneXus Partner to Develop New Car-Buying Solutions

Edmunds is teaming with CUneXus to build new shopping and purchasing solutions. The latter offers a “click-to-accept” consumer loan platform that allows finance sources to deliver loan offers to in-market consumers through their mobile devices.

Tags: Auto Lending, CUneXus, Edmunds.com, Online Buying

October 8, 2015 - Industry News

NADA Files Second Request for Internal CFPB Documents

The NADA has filed a second Freedom of Information Act request for internal CFPB documents that allegedly show the bureau intended to regulate the auto finance market through enforcement action. An earlier request was denied.

Tags: American Honda Finance, Auto Lending, BISG, Center for Responsible Lending, CFPB, Consumer Financial Protection Bureau, Fifth Third Bank, NADA, National Automobile Dealers Association

September 29, 2015 - Industry News

Fifth Third Bank to Cap Dealer Markups

The CFPB and DOJ announced two actions against Fifth Third Bank on Monday, one of which requires the finance source to pay $18 million in restitution to minority auto loan borrowers, as well as limit its dealer partners’ ability to markup interest rates on auto loans.

Tags: Auto Lending, CFPB, Consumer Financial Protection Bureau, Deceptive Advertising, Department of Justice, discrimination, Fifth Third, Fifth Third Bank

August 11, 2015 - Industry News

CFPB Says Santander Violated Fair Lending Laws

The CFPB has notified the Department of Justice that Santander Consumer USA’s auto lending practices have allegedly violated fair lending laws, according to a regulatory filing.

Tags: Auto Lending, CFPB, Consumer Financial Protection Bureau, Department of Justice, discrimination, DOJ, rate markup, Santander Consumer USA

August 6, 2015 - Industry News

CFPB Urges Fifth Third Bank to Cap Dealer Markup

Source: Flickr

The Wall Street Journal reported this week that the CFPB is urging Fifth Third Bank to cap dealer markup as part of a potential settlement with the regulator.

Tags: Auto Lending, CFPB, Consumer Financial Protection Bureau, Department of Justice, discrimination, DOJ, Fifth Third Bank, Honda Financial Services, rate markup, Settlement

July 23, 2015 - Industry News

GM Financial's Penetration of GM Retail Sales Grows Globally in Q2

GM Financial's transformation from subprime finance source to GM's captive finance company continued in the second quarter, with GM new-vehicle loans and leases accounting for 83.5% of total originations during the period.

Tags: Auto Lending, General Motors, GM Financial, leasing, Quarterly Earnings, subprime lending

July 7, 2015 - Industry News

AutoStar Solutions Shares Top Credit Reporting Mistakes

AutoStar's Richard Hudson shares the five most common mistakes dealers and lenders make when notified of a credit reporting dispute.

Tags: Auto Lending, AutoStar Solutions, CFPB, credit reporting, dealers

July 2, 2015 - Industry News

Federal Agency Says Stretching Terms a Concern

The Office of the Comptroller of the Currency said in its semiannual report that stretching terms and higher advances are a concern. The agency said it will continue to monitor the market and will take action when warranted.

Tags: Auto Lending, Auto Loan Terms, Experian, Treasury Department

July 1, 2015 - Industry News

CFPB Preparing to Cite Three Captives, American Banker Reports

According to proposed consent orders obtained by American Banker, Honda, Nissan and Toyota’s captive finance companies could soon be on the hook for dealer participation policies.

Tags: American Honda Finance, Auto Lending, captive finance, CFPB, Consumer Financial Protection Bureau, Department of Justice, discrimination, DOJ, Honda, Nissan, Nissan Motor Acceptance Corp., Toyota, Toyota Financial Services, Toyota Motor Credit Corp

June 23, 2015 - Industry News

CFPB: Consumers Will Soon Receive Ally Payout

A CFPB official disclosed in a June 15 blog post that the administrator of the Ally settlement fund has begun contacting and mailing checks to borrowers who were affected by Ally’s alleged discriminatory auto lending policies.

Tags: Ally Financial, Auto Lending, Consumer Financial Protection Bureau, Department of Justice, discrimination, Disparate Impact, fair lending, Regulations, Settlement

June 18, 2015 - Industry News

BB&T Switching to Flat Fee Compensation Model

BB&T Bank’s dealer finance arm announced today that it is switching to a flat fee compensation model that eliminates dealer markups on retail installment sales contracts, effective July 1.

Tags: Auto Lending, BB&T, CFPB, Consumer Financial Protection Bureau, dealer discretionary compensation, dealer markups, dealer reserve, discrimination, Flat Fees, flat program, flats

June 10, 2015 - Industry News

CFPB Finalizes Proposal to Oversee Nonbank Auto Finance Companies

The CFPB finalized today its proposal to oversee nonbank auto finance companies. The finalized rule will take effect 60 days after publication in the Federal Register.

Tags: Auto Lending, Auto Loans, CFPB, Consumer Financial Protection Bureau, Regulations, Richard Cordray

April 16, 2015 - Industry News

Second Bill Aimed at Reining in the CFPB Passes House by 401-2 Vote

Sen. Elizabeth Warren (D-Mass.) has called on Congress to impose further reforms on the financial sector that go beyond the Dodd-Frank Act.

Three days after a bipartisan bill aimed at repealing the CFPB’s March 2013 dealer participation guidance was introduced, the House passed a second bill that would open the bureau’s committee meetings to Congress and the public.

Tags: Auto Lending, Auto Loans, CFPB, Congress, Consumer Financial Protection Bureau, Dodd-Frank Act, legislation, NADA, National Automobile Dealers Association

March 17, 2015 - Industry News

LendingTree Study Indicates Subprime ‘Auto Bubble’ Unlikely

A new study from LendingTree contradicts media claims of a subprime bubble. It shows that finance sources are not taking part in risky lending practices despite growing subprime originations.

Tags: Auto Lending, Equifax, LendingTree, subprime, Wells Fargo

March 5, 2015 - Industry News

DOJ, N.Y. Regulator Subpoena Capital One

The finance source revealed in a regulatory filing last month that it has received a subpoena from the New York District Attorney’s Office and the Department of Justice regarding its subprime auto finance business.

Tags: Auto Lending, Capital One, Capital One Auto Finance, Department of Justice, subpoena, subprime

December 30, 2014 - Industry News

Mass. AG Investigating Santander’s Subprime Lending Business

Massachusetts Attorney General Martha Coakley has ordered Santander Consumer USA to produce documents related to its subprime auto lending business. The AG said she is also looking into the practices of a handful of other auto lenders.

Tags: Attorney General, Auto Lending, compliance, discrimination, Santander Consumer USA, subpoena, subprime

December 19, 2014 - Industry News

Ally Subpoenaed By DOJ

On the same day the U.S. Department of the Treasury sold the last of its remaining 54.9 million shares of Ally common stock, Ally Financial revealed that it has received a subpoena from the Department of Justice related to subprime auto lending.

Tags: Ally Financial, American Honda Finance, Auto Lending, Credit Acceptance Corp., Department of Justice, GM Financial, impact of the Great Recession, Michael A. Carpenter, Santander Consumer USA, subprime, TARP, Toyota Motor Credit Corp, U.S. Department of Treasury

December 11, 2014 - Industry News

Lender Trade Group Urges CFPB to Reconsider Larger Participant Rule

In a memo issued to the CFPB this week, the AFSA listed seven recommendations regarding the bureau’s proposed rule that would give it regulatory and supervisory authority over 30 nonbank auto finance companies.

Tags: American Financial Services Association, Auto Lending, Consumer Financial Protection Bureau, Finance

December 4, 2014 - Industry News

CFPB, DOJ Now Targeting Honda's Captive

Honda revealed in a regulatory filing this week that its captive finance company is facing discrimination charges by the CFPB and DOJ. The revelation comes a week after Toyota’s captive said it is facing similar allegations.

Tags: Auto Lending, CFPB, Consumer Financial Protection Bureau, Department of Justice, discrimination

December 1, 2014 - Industry News

Toyota's Captive Issues Statement Regarding CFPB, DOJ Allegations

Toyota Motor Credit Corporation issued a statement to F&I and Showroom regarding last week’s regulatory filing. It revealed that the CFPB and the DOJ are alleging that the captive’s practices in the auto finance sector have resulted in the discriminatory pricing of auto loans.

Tags: Auto Lending, CFPB, Consumer Financial Protection Bureau, Department of Justice, discrimination, Investigation, Toyota Motor Credit Corp

September 18, 2014 - Industry News

CFPB Holds Auto Finance Hearing Following New Rule Proposal

Following an announcement that it would seek supervisory authority over 38 nonbank auto finance companies, the CFPB held a field hearing on the topic in Indiana this morning.

Tags: American Financial Services Association, Auto Lending, CFPB, compliance, Consumer Financial Protection Bureau, discrimination, National Automobile Dealers Association, Richard Cordray

September 17, 2014 - Industry News

CFPB Proposes New Oversight of Nonbank Auto Finance Companies

The CFPB announced this week a proposed rule that would allow it to oversee about 38 nonbank auto finance companies. The bureau also plans to release a new whitepaper which details the methodology it uses to determine the presence of discrimination in auto lending.

Tags: Auto Lending, CFPB, compliance, Consumer Financial Protection Bureau

August 14, 2014 - Industry News

Industry Responds to New York Times Op-Ed on Subprime Auto Loans

Photo Credit: Scallop Holden via Compfight cc

Industry associations responded this week to a New York Times opinion piece claiming that subprime auto lending is a predatory practice that stands to go the way of subprime mortgages.

Tags: AFSA, American Financial Services Association, Auto Lending, Department of Justice, impact of the Great Recession, Investigation, mortgage, NADA, National Automobile Dealers Association, Peter K. Welch

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