Auto lenders would be well advised to keep up their guard as states — particularly blue ones — take steps of their own to crack down on what they see as abusive practices. ... Read full article
The firm will pay $110 million to settle charges it didn’t control traders; hedge fund executive says he was wrongfully accused of sexual misconduct. ... Read full article
The subprime auto lender failed to disclose that it received fees for referring borrowers to CarMax, the used-car dealer, according to California's financial regulator. ... Read full article
Growing numbers of small subprime auto lenders are closing or shutting down after loan losses and slim margins spur banks and private equity owners to cut off funding. ... Read full article
California officials had accused Advance America of wrongly assessing Department of Motor Vehicles fees on its payday loans to skirt the state's interest rate cap. ... Read full article
The Pew Charitable Trusts has released a set of 10 standards for banks and credit unions that want to to offer small loans to subprime customers. Among its ideas: keep monthly payments at or below 5% of the borrower’s paycheck and make loans available ... Read full article
After reporting its fourth-quarter earnings, the subprime auto lender said it expects the new tax law to enable more car owners to stay current on their loans. ... Read full article
The Detroit company recorded an 11% increase in car loans and leases originated during the fourth quarter, as well as a jump in yields. Ally appears to be benefiting from Wells Fargo's substantial retrenchment in auto lending. ... Read full article
The Stamford, Conn.-based credit card issuer saw improvement in late payments by its customers, but the pace of loan growth also slowed during the fourth quarter. ... Read full article
The Kennesaw, Ga.-based company, which targets borrowers with blemished credit records, has acquired LoanHero, which specializes in loans at the cash register. ... Read full article
This year has been very good to regional banks, bitcoin investors and several bank CEOs who pulled off big deals or successfully refined business models. ... Read full article
Franklin Codel reportedly made “disparaging remarks” about regulators; Zions may seek to have “too big to fail” label removed. ... Read full article
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. ... Read full article
Evidence that the credit characteristics of online installment borrowers at the time of repayment are consistently worse than at the time of borrowing should be a sobering thought for lenders that have not been fully tested in a credit downturn. ... Read full article
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. ... Read full article
The Dallas consumer lender says it plans to boost subprime originations again after retooling its portfolio and taking stock of the economy. ... Read full article
In a new book, Mehrsa Baradaran argues that the same forces of poverty that African-American banks were supposed to alleviate are now holding them back. ... Read full article
LendingPoint, which caters to borrowers with damaged credit records, believes that traditional credit scores are overly pessimistic about the likelihood that certain borrowers will repay. ... Read full article
Powell downplayed fears about subprime auto lending, saying he aims to improve Santander Consumer's compliance culture, beef up customer services and expand its relationship with Chrysler Capital. ... Read full article
Scott Powell will lead the auto lender while continuing to serve as CEO of Santander Holdings, the U.S. division of the Spanish banking giant Banco Santander. ... Read full article
