Auto lending

A new report from the American Bankers Association reinforces existing concerns about the ability of U.S. consumers to manage all of their debts.

Large banks have scaled back lending as competition has intensified and credit unions and financing arms of car manufacturers are picking up the slack.

The old record was set just before the Great Recession, and what may be most remarkable is that it took nearly nine years to reach a new milestone.

The Minnesota company recently announced that it would stop selling auto loans since credit quality concerns have slowed investor demand, but it is unclear whether its plan to keep all its car loans on its books is less risky.

Executives at the embattled bank made clear Thursday that they are not discarding its long-standing strategy of selling additional products to existing customers.