News Topic: Auto lending

The bank was accused of forcing borrowers to pay for insurance they did not need, pushing almost 250,000 of them into delinquency, according to a 2017 lawsuit. ... Read full article

Santander Bank and Santander Consumer USA have put many problems behind them in recent years under CEO Scott Powell, but he still has a Federal Reserve enforcement action to resolve and is negotiating with Fiat Chrysler to preserve a crucial auto lending ... Read full article

The scandal-plagued bank announced Wednesday that it is adding a board member with deep experience in accounting. It is also considering a switch to flat pricing in indirect auto lending, a change long favored by consumer advocates. ... Read full article

Kathy Kraninger, the bureau's director, is in a standoff with Democrats about her claim that the agency cannot supervise institutions under the Military Lending Act. ... Read full article

It’s no coincidence that with more than half of consumers ages 20 to 29 now holding credit cards — up from 41% in 2012 — 90-day delinquency rates are at a seven-year high, according to the New York Fed. ... Read full article

The Money Anxiety Index, a measure of consumer saving and spending habits, has started rising off a 50-year low. The economist who created it says that means another slump is nearing, and that banks should use the intel in pricing deposits and making other ... Read full article

Democratic lawmakers made clear at a hearing Wednesday that they do not intend to abandon the issue following the GOP's repeal of regulatory guidance last year. ... Read full article

The surge in originations during the first quarter more than offset a decline in demand for new leases. ... Read full article

The Boston company gained the mortgage platform when it bought First Choice in 2017. ... Read full article

The strong growth in commercial lending made up for more modest gains in credit card and auto lending, its two largest business lines. ... Read full article

Measures of loan performance were generally better than expected at Ally, American Express, Synchrony and Sallie Mae. Their 1Q reports suggest that consumers remain able to meet their obligations despite a long run-up in debt. ... Read full article

More consumers were late in paying two major types of loans in the latest figures from the American Bankers Association, but it appears to be a relatively isolated problem. ... Read full article

The state's financial regulator says Fast Money Loan charged consumers interest rates and fees above the state's usury cap, and operated unlicensed storefronts. ... Read full article

In a tense back and forth with lawmakers, the embattled CEO pushed back on claims that the bank still pressures employees to hit sales targets and retaliates against those who speak up. ... Read full article

The bureau's director, Kathy Kraninger, faced a barrage of criticism from Senate Democrats on the agency's lack of enforcement actions, a reversal on Military Lending Act examinations and changes to the payday loans rule. ... Read full article

Until now, Toyota Financial Services has offered banking services to its dealers. But as it builds its digital bank, that will soon change, according to its newly appointed chief information officer. ... Read full article

Add the Alabama company to the list of lenders that are disappointed in the returns on loans made through car dealers and the ability to build broader relationships with those borrowers. ... Read full article

While student, auto and credit card balances are at or near record levels, housing debt is shrinking, credit quality is weakening a bit and lending standards, at least in some sectors, are tightening. ... Read full article