All Posts | Auto Finance News - Part 4

CFPB Chief Kraninger Appointed Chairman of FFIEC

Kathy Kraninger, director of the Consumer Financial Protection Bureau, was appointed chairman of the Federal Financial Institutions Examination Council last week, according to a company press release. The FFIEC is a formal inter-agency body tasked with prescribing recommendations to promote uniformity in the supervision of financial institutions through uniform principles, standards, and report forms. Its […]

Court Favors Ford Credit in Floorplan Dispute, Dealer Shells Out $58M

Reagor-Dykes Auto Group Co-Owner Rick Dykes has agreed to pay Ford Motor Credit Co. $58.7 million, about half of what the captive claimed it was owed. Bart Reagor, the former chief executive and the other co-owner, is not mentioned in the April 2 consent order; a civil suit against him is still pending. Ford Credit […]

Disparate Impact (Still) a Fair Lending Risk

Since the Consumer Financial Protection Bureau’s 2013 indirect automobile guidance was repealed last year, there have been no new public indirect automobile fair lending cases alleging disparate impact. However, fair lending risk still exists. The Equal Credit Opportunity Act and Regulation B remain. So, too, does the CFPB’s 2012 fair lending guidance endorsing disparate impact. […]

Five Questions With… Jim Murray of Western Funding

Five Questions With is a monthly Q&A segment on AutoFinanceExcellence.org that offers a glimpse of what senior industry executives are thinking about outside the boardroom. Read on to find out. Jim Murray has led Western Funding Inc. since September 2017. He came to Las Vegas-based Western Funding with two decades of specialty finance experience in […]

PointPredictive Designs Fraud Tool to Expose Application Risk

PointPredictive, a developer of anti-fraud software, has launched a program that tells lenders not only which loan applications are risky, but why they're risky. Auto Fraud Alert, which launched Tuesday, exposes potential fraud attributes directly to the lender, Chief Strategist Frank McKenna said. “A lot of times lenders were in the dark about what kind of […]

Pass-Through Applications Trigger Volume Surge at Westlake Financial

Application volume at Westlake Financial Services shot up 50% in March — to 690,000 applications — thanks to pass-through agreements that have “ramped up” in the past 18 months, said Senior Vice President of Sales and Marketing Mark Vazquez. Westlake inked its third pass-through arrangement, with a subprime lender, last month. For the quarter, Westlake […]
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