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March 16, 2017 - Industry News

Fed Raises Interest Rates a Quarter Point

The Federal Open Market Committee (FOMC) voted 9-1 on March 15 to raise the target range for the federal funds rate by a quarter percentage point to 0.75% to 1% — a move that was widely expected.

Tags: Federal Reserve, interest rates, Monthly Payments

September 22, 2016 - Industry News

Fed Leaves Rates Unchanged

While the industry welcomed the Fed’s 7-3 decision not to raise interest rates a quarter point, market watchers say even a full percentage-point increase wouldn’t impact the current pace of auto sales. The Fed is still expected to raise rates a quarter point by the end of the year.

Tags: auto finance, F&I manager, Federal Reserve, interest rates

December 29, 2015 - Industry News

AFIP Issues Guidance on Reg. Z and M Dollar Thresholds for 2016

The FRB and CFPB announced on Nov. 25 that 2016 dollar thresholds for Reg. Z and M exemptions will remain unchanged from 2015. The AFIP says the accepted practice for processing transactions above the threshold will also remain unchanged.

Tags: AFIP, Association of Finance and Insurance Professionals, CFPB, Consumer Leasing Act, Federal Reserve, Regulation M, Regulation Z, Truth in Lending Act

December 16, 2015 - Industry News

Industry Analysts Discuss Rate Hike's Impact on Vehicle Sales

Photo courtesy of Federal Reserve Flickr. 

The Federal Reserve voted unanimously today to increase its target funds rate by a modest quarter point. One market research firm believes that could cut into sales by 150,000 units.

Tags: Cox Automotive, Federal Reserve, interest rates, JD Power, Kelley Blue Book, new-vehicle sales, Vehicle Sales

March 26, 2015 - Industry News

Senator Proposes Amendment to Reign In ‘Rogue’ CFPB

Proposed last week, an amendment to the Senate’s 2015 Budget Resolution would give Congress oversight of the CFPB, which currently has a budget of about $600 million and operates under the Federal Reserve.

Tags: amendment, budget, Consumer Financial Protection Bureau, Federal Reserve, Senate

March 12, 2015 - Industry News

Santander’s Capital Plans Don’t Hold Up to Fed Review

The Federal Reserve has objected to Santander Holdings USA’s capital plans due to widespread deficiencies in governance, internal controls, risk identification and management, as well as other key areas.

Tags: compliance, Federal Reserve, Santander Consumer USA

April 8, 2014 - Industry News

NADA Used Car Guide: Credit Conditions to Become 'Slightly Less Favorable'

The NADA Used Car Guide expects credit conditions to become ‘slightly less favorable’ by the end of the year as finance sources take on more risk.

Tags: car prices, Credit, Experian, Federal Reserve, lenders, NADA Used Car Guide

February 18, 2014 - Industry News

Federal Reserve Investigating CFPB’s Bloated Renovation Costs

The Federal Reserve is looking into costs associated with the Consumer Financial Protection Bureau's renovation of its headquarters, which have ballooned to three times the original estimate.

Tags: CFPB, Federal Reserve

December 31, 2013 - Industry News

Ally Granted Financial Holding Company Status

As a financial holding company, Ally is permitted to engage in a broader range of business activities and can continue to operate its insurance and remarketing businesses as part of its dealer financial services operation.

Tags: Ally Financial, Dealer Financial Services, Federal Reserve

September 12, 2013 - Industry News

DOJ Settles Rate Discrimination Suit Against Calif. Dealer

The U.S. Department of Justice settled a lawsuit filed against the former Union Mitsubishi of Los Angeles. The suit claimed the dealer charged non-Asian customers higher interest rate markups.

Tags: Equal Credit Opportunity Act, Federal Reserve, Mitsubishi

April 16, 2013 - Industry News

Auto, Student Loans Lift Borrowing to Record Levels in February

The sectors realize a massive $18.3 billion gain in December alone, according to the U.S. Federal Reserve.

Tags: Auto Loans, Credit Cards, Federal Reserve

August 9, 2012 - Industry News

U.S. Banks Loosen Terms on Business, Car Loans

U.S. banks are responding to increased demand for credit by relaxing guidelines on car loans and credit cards, the Federal Reserve reports.

Tags: Auto Loans, Barclays Capital, car loan, Federal Reserve, Joseph LaVorgna, Peter Newland

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

November 10, 2011 - Industry News

Consumer Credit Rises in September

Financing for big-ticket items like autos did rise in September, but the Federal Reserve’s latest report on consumer credit also indicated that consumers are paring down debt in other areas.

Tags: Consumer Credit, Credit, Federal Reserve

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

July 7, 2011 - Industry News

FTC Announces Second Roundtable Event

The Federal Trade Commission’s second roundtable will be staged at St. Mary's University School of Law on Aug. 2-3.

Tags: CFPB, compliance, Consumer Financial Protection Bureau, Dodd-Frank Act, FEDERAL REGULATION, Federal Reserve, Federal Trade Commission, Hudson Cook LLP, Regulations

June 22, 2011 - Industry News

Federal Reserve Temporarily Exempts Dealers from Certain Dodd-Frank Requirements

Dealers will remain exempt from certain data collection requirements under ECOA until the Federal Reserve Board issues final regulations.

Tags: Dodd-Frank Act, ECOA, FEDERAL REGULATION, Federal Reserve

February 8, 2011 - Industry News

NADA Economist: New-Car Sales Headed for Double-Digit Percentage Gains in 2011

Paul Taylor, chief economist of the National Automobile Dealers Association (NADA), said Sunday that new-vehicle sales will reach 12.9 million units in 2011 as consumers benefit from higher trade-in equity and improving credit.

Tags: Federal Reserve, NADA, Vehicle Sales

January 25, 2011 - Industry News

GAP Deductible Under Threat in California

New disclosure requirements being considered by the Federal Reserve Board (FRB) for loan insurance products aren’t the only threat to core F&I offerings like GAP. In California, product providers are racing to notify dealers that one of the key selling feature of GAP might be barred since a new law took effect on Jan. 1.

Tags: Consumer Financial Protection Bureau, credit insurance, Federal Reserve, Federal Trade Commission, GAP, NADA

January 24, 2011 - Industry News

Wolters Kluwer Offers Risk-Based Pricing Solution

Wolters Kluwer Financial Services is offering dealers, lenders and F&I service providers a number of solutions to help them comply with the new federal Risk-Based Pricing Rule.

Tags: Federal Reserve, Federal Trade Commission, Risk-Based Pricing Rule, Wolters Kluwer Financial Services

January 3, 2011 - Industry News

700Credit Releases Risk-Based Pricing Solution

700Credit LLC, a provider of credit reporting and compliance products and services, has launched a solution to help dealers comply with the new Risk-Based Pricing Rule, which went into effect on Saturday, Jan. 1.

Tags: Federal Reserve, Federal Trade Commission, Risk-Based Pricing Notices

November 8, 2010 - Industry News

Consumer Borrowing Increases in September

Consumer credit increased at an annual rate of 1.1 percent, or $2.1 billion, in September, according to the Federal Reserve’s monthly report.

Tags: Auto Loans, Consumer Credit, Federal Reserve, Finance, interest rates, loan-to-value ratio

October 12, 2010 - Industry News

Interest Rates Drop in August, Federal Reserve Says

Consumer credit decreased at an annual rate of 1.7 percent in August, according to the Federal Reserve’s monthly report.

Tags: Auto Loans, Consumer Credit, Federal Reserve, Finance, interest rates, loan-to-value ratio

July 13, 2010 - Industry News

Consumers Continue to Tighten Purse Strings, Reveals Fed Report

Borrowing among U.S. consumers fell for the fourth straight month in May, dipping by 4.5 percent, according to the Federal Reserve.

Tags: Auto Loans, Federal Reserve, Finance, interest rates, loan-to-value ratio, non-revolving credit

June 7, 2010 - Industry News

Interest Rates Drop for Second Consecutive Month, Federal Reserve Says

Consumer credit increased at an annual rate of 0.5 percent in April, according to the Federal Reserve’s monthly report.

Tags: Auto Loans, Consumer Credit, Federal Reserve, Finance, interest rates, loan-to-value ratio

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