Citibank Avoids Penalties by Self Reporting, Signals Shift in CFPB Approach

The Consumer Financial Protection Bureau may be signaling that lenders can avoid fines if they self-report, following actions taken against Citibank last week, Richard Gottlieb, partner in the financial services group at Chicago-based Manatt, Phelps & Phillips, LLP, told Auto Finance News. Citibank is refunding $335 million to 1.75 million accounts after allegedly violating the Truth in Lending Act by […]

New China ABS Rules to Spur Lease Issuance Growth

New regulatory supervisory structures in China will reduce the risk of issuing auto-lease backed securities on the secondary market, and Moody’s Investor Services anticipates the change will increase volume. Although in the short-term regulations will be more stringent on certain companies, ultimately in the long term, the changes should increase growth, according to Moody’s.   […]

Car-Share Company HyreCar Raises $12.6M in IPO

Car-sharing platform HyreCar raised $12.6 million last week in an initial public offering of 2.5 million shares. The shares started trading June 27 under the ticker symbol “HYRE” on the Nasdaq Capital Market. HyreCar is also granting underwriters a 45-day option to purchase an additional 378,000 shares at the IPO price — which could generate […]

Economic Conditions Show Signs of Stress for Auto Lending

With a decade of recovery since the Great Recession, the market is starting to experience some wear and tear, Chuck Berend, director of U.S. auto loans for BBVA Bank, told Auto Finance News. “In auto lending, loan volumes are high, unemployment is very low, consumer spending is up, and everybody wants a car,” Berend said. […]

Industry Prepares for Higher Tariffs, Braces for Sales Decline

Automakers could be “shocked” with the loss of 2 million annual vehicle sales if President Donald Trump raises U.S. duties to 25% on all imports of automobiles and auto parts, Cody Lusk, chief executive of American International Automobile Dealers Association, told Auto Finance News. The projected loss figures from LMC Automotive assume companies will pass […]

S&P Analyst to Discuss China’s Rising Capital Markets at Summit

The asset-backed-securities market is a growing funding source for auto lenders in China as issuances have topped $36 billion in funding between 2008 and 2017, Aaron Lei, senior director and analytical manager of structured finance ratings at S&P Global Ratings, said in a March report. He’ll be joining the Auto Finance Summit Asia speaker roster for […]
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