Compliance & Regulation | Auto Finance News

Ally’s Doug Timmerman named Auto Finance Executive of the Year

Auto Finance News is pleased to announce Doug Timmerman, Ally Financial’s president of auto, as the inaugural Auto Finance Executive of the Year. Timmerman first joined Ally — then General Motors Acceptance Co. — back in 1986 and is now at the helm of an $80 billion auto portfolio. Under Timmerman’s leadership, Ally broke a […]

Regulators urge ‘responsible’ use of alternative data

With lenders increasingly relying on nontraditional data to hone underwriting, five banking regulators have urged that lenders maintain “robust” compliance management programs that include “testing, monitoring and controls” to ensure consumer protection risks are addressed, according to a joint statement released this week.  The regulators — Federal Reserve, Consumer Financial Protection Bureau, Federal Deposit Insurance […]

Data breaches: What to do when it happens to you

Friday at 5:15 p.m. your chief information officer calls saying she thinks the company has been hacked. The allegedly hacked customer records have not been posted, yet the tip appears legitimate. The CIO asks: “What do we do?” Scenarios like this are increasingly common, and the reputational, regulatory and operational effects can be devastating. Your […]

Fintech task force deliberates pros and cons of ‘big data’

More than 2.5 quintillion bytes of data are created every single day. As such, lenders are collecting vast amounts of consumer information and calling it “big data,” a key product to generate insights, support decision making, and enable automation.  Access to “big data” gives financial institutions more power over their consumers’ personal information and, in […]

Understanding how GLBA exemptions affect CCPA

The California Consumer Protection Act (CCPA) goes into effect in January, and although California Attorney General Xavier Becerra has said his office won’t enforce the law until July, lenders should start preparing now, said Michael Benoit, partner at Hudson Cook. One important aspect of that preparation is understanding how exemptions in the Gramm-Leach-Blilley Act (GLBA) overflow into the CCPA. […]
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