TCF executives were peppered with questions about the quality of $345 million in auto loans recategorized as held for investment in the second quarter, as a result of the company’s recent move away from loan sales and securitizations.
Auto risks mounting. Mortgage market tightening. Are there any good risks these days in consumer lending? Regional bank executives insist partnerships with online lenders, unsecured personal loans and other niche efforts can work if done properly.
LendKey, whose software helps financial institutions make student, auto and home improvement loans, closed a Series C round led by a fund whose investors include more than a dozen banks.
Wells Fargo's new car loans dropped by almost half in the second quarter, while its automotive portfolio fell to the lowest level in two years after the San Francisco-based company tightened underwriting standards.
Banco Santander plans to go ahead with a proposal to increase control of its U.S. subprime auto loan unit, after the business passed the Fed's stress test last month, according to people familiar with the matter.
