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October 3, 2017 - Industry News

CUDL: Credit Unions Capitalizing on Bank Retreat

Credit unions and captives continued to take advantage of the pullback by banks in the second quarter. The message coming out of CU Direct (CUDL)’s Sept. 28 webcast is that credit unions need to act fast before banks reconfigure their strategies.

Tags: auto finance, banks, captive, credit unions, CU Direct

December 8, 2016 - Industry News

Four Trade Groups Ask Lawmakers to Instate Five-Person Board to Lead CFPB

Four associations representing 12,000 banks and credit unions have asked Senate leaders to consider replacing the Consumer Financial Protection Bureau’s single-director structure with a five-person bipartisan commission next year.

Tags: banks, CFPB, Congress, credit unions, Regulations, Senate

February 9, 2016 - Industry News

Q4 2015 Outstanding Loan Balances Reach Highest Level on Record, Experian Reports

Outstanding auto loan balances totaled $987 billion in the fourth quarter 2015, up 11.5% from the year-ago period and the highest level since Experian Automotive began publicly tracking the data in 2006.

Tags: 30-day delinquency rate, 60-Day Delinquency Rate, auto finance, Auto Loans, banks, captive finance, credit unions, Experian Automotive, finance companies, Oustanding Auto Loan Balances

October 22, 2015 - Industry News

Banking Regulator Issues Warning to Auto Finance Industry

The Comptroller of the Currency warned in a speech delivered yesterday that the pace of auto lending reminds him of the mortgage industry in the run up to the 2009 financial crisis.

Tags: auto finance, Auto Loan Delinquency Rate, Auto Loan Terms, banks, economic downturn, economic recovery, Experian Automotive, Office of the Comptroller of the Currency

September 3, 2015 - Industry News

Millennials Continue to Stump Traditional Banks

A new report from Bank Director showed that today’s Baby Boomer- and Gen X-run banks are still trying to figure out the next big generation of consumers.

Tags: auto finance, Baby Boomers, banks, direct lending, Indirect Lending, Millenials

August 11, 2015 - Industry News

Auto Loan and Lease Balances Top $1 Trillion, Equifax Reports

The auto finance industry originated nine million auto loans through the first four months of year, totaling $182.9 billion. Equifax said these were the highest levels for this time of year since it began tracking auto finance data.

Tags: auto finance, Auto Loans, banks, captive finance, Equifax, F&I manager, F&I process

November 4, 2014 - Industry News

Competition Driving Increased Risk in Auto Finance, Regulator Says

A representative of the Office of the Comptroller of the Currency says competition is forcing finance sources to take bigger risks. He warns that the regulator will continue to monitor the market.

Tags: Auto Loans, banks, Consumer Financial Protection Bureau, Regulations, risk

June 17, 2014 - Industry News

SunTrust’s Dealer Financial Services Expands to Three Markets

SunTrust Banks Inc. is expanding its wholesale automobile dealer financial services to Dallas, Chicago and Boston as part of its national expansion strategy.

Tags: banks, Finance, SunTrust, wholesale financing

March 20, 2014 - Industry News

Banks, Credit Unions Feeling New Regulatory Burdens

A recent survey found that U.S. banks and credit unions are carrying a much heavier regulatory and risk management burden than they were a year ago. This is due in part to heightened concern over the mortgage guidelines recently finalized by the CFPB.

Tags: banks, CFPB, Consumer Financial Protection Bureau, credit unions, financial regulation, mortgage

March 18, 2014 - Industry News

Survey: Bankers Preparing for Higher Credit Losses

Banks and credit unions believe they will eventually need to boost allowances for loan and lease losses by nearly 50%, according to a recent survey by Sageworks, a financial information company.

Tags: banks, credit unions, loans

February 21, 2013 - Industry News

CFPB Warns Banks About Questionable Auto Loans, <em>Bloomberg</em> Reports

At least four banks have 15 days to provide an explanation of their auto lending practices to the Consumer Financial Protection Bureau, or they could face lawsuits.

Tags: Auto Lending, banks, Consumer Financial Protection Bureau, Lawsuit

March 15, 2012 - Industry News

15 of 19 Banks Pass Fed Reserve’s Stress Test

The Federal Reserve on Tuesday announced summary results of the latest round of bank stress tests, which show that the majority of the largest U.S. banks would continue to meet supervisory expectations for capital adequacy despite large projected losses in an extremely adverse hypothetical economic scenario.

Tags: banks, Federal Reserve, Stress Test

March 6, 2012 - Industry News

Financial Services Firms, Banks Expand Social Media Usage

A report by Change Sciences Group revealed that some banks and other financial services firms are using social media to change their image.

Tags: banks, Finance, Lender, social media

October 4, 2011 - Industry News

Lithia Motors Completes New $200 Million Credit Agreement

Lithia Motors Inc.’s new $200 million three-year revolving syndicated credit facility will provide $100 million for new-vehicle floorplan financing and $100 million for general corporate purposes.

Tags: banks, Credit, floorplan financing, Lithia Motors

September 6, 2011 - Industry News

Nicolas Financial Increases Credit Line to Fuel Expansion

The specialty consumer finance company announced that it has increased its credit line to $150 million to help continue its expansion strategy over the next few years.

Tags: Bank of America, banks, Credit, Nicholas Financial Inc., Wells Fargo

August 25, 2011 - Industry News

Fed Review: Credit Quality Continues to Improve

The Shared National Credits (SNC) Review for 2011 showed the credit quality of large loan commitments owned by U.S. banking organizations, foreign banking organizations (FBOs) and nonbanks improved in 2011 for the second consecutive year.

Tags: Auto Loans, banks, Credit, Federal Deposit Insurance Corporation, Federal Reserve, Shared National Credits

August 2, 2011 - Industry News

J.D. Power: Banks Lead the Way in Dealer Satisfaction Study

J.D. Power and Associates’ 2011 U.S. Dealer Financing Satisfaction Study indicated that dealer satisfaction with lenders has improved in all categories, with Mercedes-Benz and BMW captives leading the way.

Tags: banks, captive finance, dealer, J.D. Power and Associates, Lender

May 5, 2011 - Industry News

Wolters Kluwer Launches Indirect Lending Directory

Wolters Kluwer Financial Services has launched the Indirect Lending Directory, a listing of more than 600 lenders that accept and use the company’s retail installment contracts to document the financing of automobiles, boats, RVs and powersports vehicles.

Tags: banks, credit unions, Indirect Lending, retail installment contracts, Wolters Kluwer Financial Services

April 20, 2010 - Industry News

Economic Activity and Auto Sales Improving, Says Fed’s Beige Book

Fueled by more favorable pricing and credit terms, eight of the 12 federal districts in the Federal Reserve’s Beige Book reported improved vehicle sales in March.

Tags: banks, Credit, Federal Reserve, Finance, Vehicle Sales

November 3, 2009 - Industry News

Indirect Lending Important for Growth, Say Banks and Credit Unions

Indirect lending will be critical to the overall growth of U.S. banks and credit unions during the next two years, according to a survey by Wolters Kluwer Financial Services.

Tags: banks, credit unions, Indirect Lending, Wolters Kluwer Financial Services

August 18, 2009 - Industry News

New Jersey Dealer Arrested for $7 Million Check Fraud

The former owner of a Bordentown, N.J.-based car dealership was arrested for allegedly defrauding local banks of more than $7 million in a check-kiting scheme, according to the U.S. Attorney’s Office.

Tags: banks, check-kiting scheme, money laundering, wire fraud

June 18, 2009 - Industry News

Standard & Poor's Revises Ratings for 22 Banks

Standard & Poor's Ratings Services lowered its ratings and revised its outlooks on 22 rated U.S. banks.

Tags: banks, Standard and Poor's

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