Anderson Brothers Bank | Auto Finance News | Auto Finance News

Reconciling refunds: Why aftermarket products became an afterthought

From the July issue: State and federal regulators are ratcheting up enforcement of ancillary product refunds. In the past few years, auto lenders have faced heightened scrutiny related to the percentage of consumers buying ancillary products, how the products are offered, and what disclosures are provided. But compliance examinations of late have veered in another […]

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 […]

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 […]