Auto lending

CFPB pick’s past statements set stage for testy confirmation hearing


Rohit Chopra, President Biden’s nominee to lead the Consumer Financial Protection Bureau, has not minced words in calling out private companies for wrongdoing. He could get a grilling from Banking Committee Republicans and some opposition on the Senate floor.


New year, little change in credit union auto lending outlook


After a slowdown in 2020, inventory shortages and other factors could make the months ahead a grind for many lenders.


General Motors seeks to avoid mistakes of last foray into banking


The Detroit automaker says it will stick to car loans and steer clear of mortgage lending if regulators approve its application to establish an industrial bank.


F.N.B. in Pennsylvania to close 21 branches


The Pittsburgh company also sold a portfolio of indirect auto loans and repaid a large amount of Federal Home Loan Bank borrowings.


General Motors faces ‘big task’ in building a bank: Ally CEO


The automaker is reportedly planning to apply for a bank charter so it could collect deposits and grow its own auto-finance business. That could create more competition for Ally, which was spun off from GM in 2006 but remains a key lending partner.


Well-heeled consumers benefiting most from refi boom


The median credit score for new mortgages and refinancings climbed to 786 during the third quarter, its highest level in more than two decades, according to a report from the New York Fed.


How much longer will consumer credit hold up?


Payment rates for auto lenders and credit card issuers have remained strong despite a spike in unemployment. Whether these trends continue into 2021 will depend largely on the actions of Congress and the pace of medical advances.


Santander Consumer warns charge-offs will keep rising into spring


The subprime lender cited low odds that Washington will deliver further economic relief, and the fact that $1.5 billion of loans whose deferral period expired are now more than 30 days behind.


Rebounding car sales drive lending boom at Ally


The auto lender says consumers’ skittishness about flying and using public transit during the pandemic has fueled a surge in demand for new and used cars. But executives remain wary of high unemployment and the potential for a rise in loan defaults.


Week ahead: Election spending, economic headwinds


Credit union groups continue to make ad buys for industry-supported candidates in advance of Nov. 3 but recent positive economic news could be short-lived.