Auto lending

TCF exits auto lending, warns of $80M restructuring charge in 4Q

11/27/17

Citing the dim financial outlook for a business it entered just six years ago, the Wayzata, Minn., company will stop making auto loans on Dec. 1.

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CFPB takes $1.1M enforcement action against Xerox

11/20/17

The Consumer Financial Protection Bureau settled a $1.1 million enforcement action on Monday with Xerox Business Services, alleging that its software misreported borrower information to credit reporting agencies.

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Why Wells fired consumer finance chief; SIFI ranks fall

11/20/17

Franklin Codel reportedly made “disparaging remarks” about regulators; Zions may seek to have “too big to fail” label removed.

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Ex-Santander Consumer CEO nets $700M after ouster

11/17/17

The subprime auto lender late Friday provided the final details of its separation agreement with Thomas Dundon, who stepped down two years ago in a leadership shake-up.

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How a new CFPB head may revamp rules, enforcement

11/16/17

A new Republican director of the Consumer Financial Protection Bureau is likely to take immediate action to change certain rules, including the "qualified mortgage" and payday rules, while curbing pending enforcement actions that are considered too harsh on financial firms.

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Subprime car loans souring faster at nonbank lenders

11/14/17

More stringent underwriting is the likely reason banks and credit unions are seeing relatively low levels of delinquencies on car loans to high-risk borrowers.

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Ally Financial taps former Citi exec to lead corporate strategy

11/08/17

Dinesh Chopra is online bank's first-ever chief strategy officer.

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Wells Fargo adds $1 billion to possible legal cost as woes mount

11/03/17

Wells Fargo & Co. added $1 billion in the third quarter to what it says the bank may face in possible legal expenses.

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CFPB sees risks in longer-term auto loans

11/01/17

The Consumer Financial Protection Bureau said 42% of car loans issued in the last year had a repayment term of six years or more, a huge leap over the 26% of car loans that had such longer terms in 2009.

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TCF Financial to acquire mortgage lender in Minn.

10/30/17

TCF is looking to diversify its streams of revenue as it dials back auto lending amid concerns about weakening credit quality.

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