Renault, Volvo, Hyundai invest in cybersecurity startup

Upstream Security, a cybersecurity startup specializing in connected vehicles, closed a $30 million Series B funding round, the company announced today. The funding round was led by Renault Venture Capital and includes Volvo Group Venture Capital, Hyundai Motors, Hyundai AutoEver and Nationwide Ventures. Charles River Ventures, Glilot Capital and Maniv Mobility also returned for the second […]

• Joey Pizzolato
• October 21, 2019
• Innovation & Technology, Risk Management

SunTrust grows loan portfolio as merger with BB&T awaits DOJ approval 

SunTrust Banks’ indirect and direct consumer portfolios increased by double digits as the bank continues to aim for a fourth-quarter closing of its merger with BB&T Bank, SunTrust Chief Financial Officer Allison Dukes said during the bank’s earnings call last week.  However, regulatory approvals are “moving at their own pace,” said BB&T Chief Executive Kelly […]

• Nicole Casperson
• October 21, 2019
• Earnings

Mobiliti bolsters subscription service with increased market data

Detroit-based subscription service Mobiliti is tweaking its business model to provide dealers with real-time market data, the company announced today. In addition to providing consumers with vehicle subscription and purchase options, Mobiliti now delivers market data and additional leads to dealers by tracking customer intent on the site. The “much-needed, market-specific data” will help dealers to […]

• Bianca Chan
• October 21, 2019
• Innovation & Technology

Active fraud ring targets California, Florida, Nevada

PointPredictive has uncovered an active fraud ring that has targeted at least six lenders, Chief Fraud Strategist Frank McKenna told Auto Finance News. Over the past few months, PointPredictive's anti-fraud consortium has discovered more than 75 fraudulent auto loans totaling $1.6 million. PointPredictive analysts notified the involved lenders, which are participants in the consortium, and […]

• Bianca Chan
• October 18, 2019
• Exclusive, Risk Management

House committee urges oversight of consumer data stored in the ‘cloud’ 

Large banks and lenders will likely move most, if not all, of their computing needs to cloud platforms within the next five to ten years.  In response, regulators are scrutinizing how banks are hosting mass amounts of consumer data in the “cloud,” according to a hearing today with the Task Force on Artificial Intelligence of […]

• Nicole Casperson
• October 18, 2019
• Innovation & Technology

FASB extends accounting deadline — for some

Smaller banks and credit unions now have until 2024 to comply with the Financial Accounting Standards Board’s new credit loss accounting rule. The standard, called Current Expected Credit Losses — or CECL, for short — requires lenders to record expected future losses as soon as loans are originated. The board voted yesterday to extend the […]

• Marcie Belles
• October 18, 2019
• Compliance & Regulation, Credit Performance, Earnings

A blossoming partnership: An inside look at Santander’s deal with FCA

From the October feature: Since revising their financing alliance this summer, Santander Consumer USA and Fiat Chrysler Automobiles appear to have smoothed the speed bumps that had hindered the Chrysler Capital partnership for years. The original partnership had consistently been weighed down by missed penetration rate targets. Quarter after quarter, Santander would cite “the competitive […]

• Marcie Belles
• October 17, 2019
• Customer Experience, Exclusive, Features, Risk Management, Sales & Marketing

PointPredictive launches anti-fraud subscription service

PointPredictive debuted a fraud surveillance subscription service Wednesday, designed to bolster lenders’ fraud defenses by granting access to the company’s analysts and suite of risk-scoring software. By integrating Outsourced Fraud Mitigation, as it’s called, with a loan origination system, lenders can leverage PointPredictive’s scoring solutions and fraud experts to manually review applications to identify fraudulent […]

• Bianca Chan
• October 17, 2019
• Risk Management