All Posts

Narratives are a Spectacle, Not a Serious Forum, Industry Experts Say

Narratives are a Spectacle, Not a Serious Forum, Industry Experts Say

July 3, 2015 at 11:45 am 0 comments

Industry professionals reacted with a renewed wave of criticism, in response to the Consumer Financial Protection Bureau turning on a new feature to its consumer complaint data base, making consumer “narratives” public. Attorney Mark Joseph Kenney, chairman at Severson & Werson, said the narratives are a one-sided opportunity for consumers toRead More

New CEO for Santander Consumer USA, as Co-Founder Dundon Departs

New CEO for Santander Consumer USA, as Co-Founder Dundon Departs

July 2, 2015 at 6:55 pm 0 comments

Santander Consumer USA appointed Jason A. Kulas as chief executive effective immediately, succeeding Tom Dundon, one of the company’s founders who was chairman and CEO. “After successfully growing the SCUSA business over the last 20 years, including nine years as CEO, Mr. Dundon has decided to pursue new opportunities,” theRead More

CRB Issues Largest Securitization To-Date

CRB Issues Largest Securitization To-Date

July 2, 2015 at 4:45 pm 0 comments

California Republic Bancorp. has issued a $390 million securitization backed by prime auto loans, according to a presale report from Standard & Poor’s yesterday. The offering is the second for the bank this year, and the largest issuance to date, Chief Executive Jon Wilcox said in a press release. “We areRead More

Honda, Toyota, Nissan Captives Could Settle Discrimination Cases Soon

Honda, Toyota, Nissan Captives Could Settle Discrimination Cases Soon

July 2, 2015 at 10:11 am 0 comments

The Consumer Financial Protection Bureau and the U.S. Department of Justice could be close to announcing consent orders with the three biggest Japanese-brand captive finance companies, American Honda Finance Corp., Toyota Motor Credit Corp. and Nissan Motor Acceptance Corp. The consent orders potentially represent millions of dollars in refunds, andRead More

DOJ Subpoenas Subprime Auto Lender Global Lending Services

DOJ Subpoenas Subprime Auto Lender Global Lending Services

July 1, 2015 at 12:30 pm 0 comments

As part of an industry-wide examination, the Department of Justice issued a subpoena to Global Lending Services LLC, an Atlanta-based subprime auto lender, according to a June 24 securitization presale report issued by Kroll Bond Rating Agency. Specifically, the DOJ requested information related to underwriting criteria for auto loan originations,Read More

CFPB Wants Jurisdiction Over Dealers

CFPB Wants Jurisdiction Over Dealers

July 1, 2015 at 11:45 am 0 comments

The Consumer Financial Protection Bureau remains frustrated that most auto dealers were carved out of the CFPB’s jurisdiction when Congress created the bureau in 2010. The issue came up multiple times in a recent meeting between CFPB Director Richard Cordray and a delegation from the Consumer Bankers Association, said ReaganRead More

Video: Google Talks About the Auto Finance Industry [SPONSORED]

Video: Google Talks About the Auto Finance Industry [SPONSORED]

July 1, 2015 at 9:49 am 0 comments

In a recent video presentation, Hugh Dickerson – Head of Automotive at Google examines a range of topics including an analysis of how auto finance providers can improve their online presence.

PowerSports Finance Conference Expands Speaker Roster

PowerSports Finance Conference Expands Speaker Roster

June 30, 2015 at 2:56 pm 0 comments

Several key executives from some of the nation’s largest powersports finance providers have joined the roster of speakers at the inaugural PowerSports Finance 2015. PowerSports Finance 2015 on Oct. 21 will offer industry professionals the first dedicated full-length forum to share insights, best practices, and practical intelligence on matters ofRead More

Consumer Narratives Amount to “Public Shaming,” Bank Group Exec Says

Consumer Narratives Amount to “Public Shaming,” Bank Group Exec Says

June 30, 2015 at 11:45 am 0 comments

The Consumer Financial Protection Bureau says consumer “narratives” are the “heart and soul” of consumer complaints it receives, but to lenders on the receiving end, the narratives amount to “public shaming,” with no way to adequately respond. Over the objections of trade groups, the CFPB re-launched its consumer complaint databaseRead More

Pros and Cons: Both Sides of the Supreme Court Decision on Disparate Impact

Pros and Cons: Both Sides of the Supreme Court Decision on Disparate Impact

June 29, 2015 at 10:35 am 1 comment

The auto finance industry is dissecting last week’s U.S. Supreme Court decision in a housing discrimination case last week, in which the sharply divided court ruled 5-4 in support of the “disparate impact” theory. Disparate impact is the main tool that the Consumer Financial Protection Bureau employs to accuse auto lendersRead More

Slot F