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Wells Fargo joins Dealertrack’s integrated contracting platform

Wells Fargo is the latest auto lender to join Dealertrack’s newly launched Digital Contracting on uniFI, Emil Banga, assistant vice president of F&I dealer operations at Cox Automotive, told Auto Finance News. Digital Contracting on its uniFI platform launched on Tuesday with a slew functionality to make the contracting experience a “one deal jacket” for […]

Asbury Automotive amends $1.5b credit facility

Asbury Automotive has “amended and reinstated” its five-year, $1.45 billion syndicated senior credit facility, the company announced on Wednesday. The syndicated facility will offer a $1.04 billion new-vehicle revolving floorplan facility, a $250 million revolving credit facility, and a $160 million used-vehicle floorplan facility. American Honda Finance Corp., BMW Financial Services, Mercedes-Benz Financial Services, Nissan […]

Financial institutions drop the ball on diversity

Megabanks, including Bank of America, JPMorgan Chase, and Wells Fargo, are still lagging when it comes to diversity and inclusion, the House Financial Services Committee found. An analysis of diversity data from 2015 to the present provided by the nation’s eight largest banks found that although the financial institutions are making progress, “there is still much to do,” the committee […]

Bank of America’s direct lending portal gains traction

Bank of America’s technology initiatives continue to gain traction with consumers, according to second-quarter earnings filed with the Securities and Exchange Commission. The bank's online portal drove 60% of direct auto loan applications, up from 55% back in February. Meanwhile, Bank of America’s AI-driven banking assistant, Erica, has experienced an increase in users, surpassing the […]

Moody’s to establish standard for quantifying cyber risk

Moody’s Corp. is working to establish a global standard for quantifying and assessing cyber risk for financial institutions. Through a joint venture with think-tank Team8, Moody’s will develop technology tools and methods to measure and analyze cyber risks facing lenders. Derek Vadala, global head of cyber risk for Moody’s, was named chief executive of the […]
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