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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 […]

TCF Bank Tops List of CFPB Complaint Offenders

TCF Bank — having exited the auto finance space at yearend — topped the 2017 list of banks with the most complaints per $1 billion in deposits in the Consumer Financial Protection Bureau’s database, according to data compiled by LendEDU. The Minnesota-based bank topped the list for the second year in a row with 13.6 […]

OneMain Financial Solicits Takeover Bids

OneMain Financial, a subprime lender specializing in auto and personal loans, is actively soliciting buyers for a takeover bid, according to news outlets citing sources familiar with the matter. This proposed acquisition is the latest in a long line of successions. Citigroup’s former consumer lending arm, CitiFinancial, renamed itself OneMain in 2011 following the financial […]

CitiFinancial to Pay Nearly $1 Million for Illegal Repossessions

The Justice Department said on Monday that CitiFinancial Credit Co. — a successor to CitiFinancial Auto Corp. — will pay $907,000 to resolve allegations that it violated the Servicemembers Civil Relief Act. Between 2007 and 2010, CitiFinancial repossessed 164 cars owned by SCRA-protected servicemembers without first obtaining the required court orders, according to a DOJ […]

Online Lending Suffers ‘Growing Pains,’ Not Subprime Bubble

Last Friday, LendingTree’s CEO Doug Lebda and CNBC’s Jim Cramer spoke on Mad Money about how the lending market is transforming, to the benefit of customers. This came after LendingClub’s ordeal earlier this month, when the online lending platform’s stock took a 49.2% dive in four days in reaction to former Chief Executive Renaud Laplanche’s […]
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