Auto lending

Online lender Upstart launches auto loan platform


Upstart, which specializes in the use of alternative data and AI in credit decisions, will make car loans directly and sell its technology to banks and other lenders.


Emergency consumer relief bill in California stalls


After drawing industry opposition, legislation that would have added broad new borrower protections during the pandemic failed to advance out of the state Assembly.


PPP moves to stage two; HSBC chided for 'kowtowing' to Beijing


Small businesses that took out the loans will soon be applying for forgiveness; U.S. Secretary of State Pompeo and one of HSBC's large investors criticized the bank for buckling to Chinese pressure.


Deutsche probed on Epstein dealings; Wells drops independent auto dealers


New York State regulators may bring an enforcement action against the German bank as early as this month; Wells Fargo’s decision to stop making loans to the dealers has more to do with credit quality than asset limits.


Auto title lender slammed by CFPB order over finance charges


The consumer bureau said Approved Cash Advance improperly collected amounts that were five times higher the legitimate fee schedule disclosed to borrowers.


California bill to pause foreclosures, repos draws fire from lenders


A Democratic measure to freeze foreclosures and auto repossessions through the coronavirus crisis while expanding eligibility for loan forbearance is getting strong pushback from banks and credit unions, which complain it would constrain credit.


Santander reaches auto loan settlement; OCC’s Otting to Step down


One of the biggest subprime auto lenders agreed to pay $550 million to settle predatory lending charges; the bank regulator has largely completed his goal of overhauling the Community Reinvestment Act.


Santander Consumer reaches $550M settlement with state AGs


The lender will pay $65 million in restitution and forgive nearly $500 million in auto debt to settle charges that it steered subprime borrowers into risky loans.


U.S. household debt hit yet another record in 1Q, despite pandemic


A surge in demand for home loans drove the increase, but the second quarter could see a slowdown in borrowing and more delinquencies as consumers contend with the economic fallout of the coronavirus pandemic.


Auto loan market divides; have banks set aside enough for bad loans?


Lenders are throwing money at buyers with stable jobs while making it harder for weak borrowers to get loans; $50 billion in loss provisions may not be enough and could stifle lending.