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Senators Urge Regulatory Oversight of AI to Prevent Discrimination

As auto lenders increasingly turn to technology like artificial intelligence to improve business practices, two senators are pressing regulators to ensure anti-discrimination laws keep up with the innovation. Sen. Elizabeth Warren (D-Mass.) and Doug Jones (D-Ala.) sent a letter to the leaders of the Consumer Financial Protection Bureau, Federal Reserve, Office of the Comptroller of […]

Fraud Origination Risk to Hit $7B by Year-end

The risk of fraud for auto lenders has increased 5% year over year, according to new data shared with Auto Finance News by PointPredictive’s chief fraud strategist Frank McKenna. By year-end 2019, fraud origination risk is expected to reach $7 billion. Fraud in the auto lending industry is evident. In fact, discussions between lenders at […]
  • Nicole Casperson
  • June 13, 2019
  • Risk

On The Radar: Lenders Eye 3 States Set to Intensify Oversight

From the March issue: Despite the regulatory sigh of relief provided last year by the rollback of the 2010 Dodd-Frank Act, stricter state regulations have auto lenders holding their breath. On the heels of a February 2018 call by Mick Mulvaney, former acting director of the Consumer Financial Protection Bureau, to let states more often […]

2019 Survival Guide: How Lenders Are Planning for the Year Ahead

From the January issue: 2018 was a strong year for auto finance as delinquency rates dropped, the economy grew, and consumer demand remained high. However, the new year finds lenders and analysts bracing for an economic slowdown. But that’s not the only worry. New-car purchases are lagging, according to Manheim’s November data, which has new-vehicle sales […]

Anderson Brothers Says It’s on Target for Double-Digit Origination Growth

Anderson Brothers Bank, which operates 23 branches in South Carolina, is on track to increase auto loan originations 22.5% this year and as much as 20% in 2019, according to Micky Watts, the bank’s senior vice president of indirect lending. The bank specializes in subprime and near-prime loans. While larger banks in North and South […]

Poor Returns on Repo-Vehicle Sales Push Losses Higher, Bank Exec Says

Despite default rates remaining steady on repossessed vehicles, the cars are selling for less and causing lenders to experience more loss, Micky Watts, senior vice president of indirect lending at Anderson Brothers Bank, told Auto Finance News. “Defaults have stayed steady for the last few years as far as percentage, but we’re actually losing more […]