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Tag Archives: compliance

Santander Settles SEC Claims of Improper Auto Loan Accounting

Santander Consumer USA is paying a $1.5 million fine to settle claims by the Securities and Exchange Commission over the lender’s accounting for troubled subprime loans. The SEC charged that for at least eight reporting periods, from 2014 to 2016, Santander Consumer USA failed to calculate and report its credit loss allowance for certain impaired […]

Nicole Casperson
January 2, 2019
Compliance, Risk, Update

State Farm Bank Pays No Fine, Ordered to Adjust Practices After CFPB Settlement

State Farm Bank is not required to pay a civil penalty after settling Consumer Financial Protection Bureau claims that it had allegedly violated the Fair Credit Reporting Act on some auto loan and credit card accounts. A Dec. 6 consent order alleged that State Farm reported inaccurate customer information to the credit bureaus and pulled […]

Nicole Casperson
December 14, 2018
Compliance, Operations

Auto Finance News Launches Week-Long Event for Spring 2019

Auto Finance News today introduced a new event, called Auto Finance Accelerate. The week-long event series focuses on all facets of auto finance operations including sales, marketing, innovation, and risk. The inaugural Auto Finance Accelerate week will take place May 13-16, 2019, at the Omni San Diego. Produced by Auto Finance News and Royal […]

Nicole Casperson
December 5, 2018
All Posts, Compliance, Innovation & Mobility, Sales & Marketing

Election Analysis: AFSA Examines the Midterm Results

The 2016 midterm elections are history and we now know that the House of Representatives will shift control to the Democrats, while the Senate will have a strengthened Republican majority. Of particular interest to AFSA members, Tuesday’s winners include the former chief of staff of the Presidential Task Force on the Auto Industry, a mortgage […]

American Financial Services Association
November 9, 2018
Auto Finance Excellence, Compliance, Credit Performance

Cox Automotive Boosts Ancillary Product Compliance for Lenders With Acquisition

Cox Automotive Inc. announced the acquisition of Texas-based Intersection Technologies Inc., better known in the industry as F&I Express, the companies announced on Monday afternoon. The acquisition is a move for F&I Express to access more of the resources that Cox can provide, including a large lender and dealer client base. Those clients can now leverage […]

Nicole Casperson
October 2, 2018
Compliance, Technology

Boston Fed Releases Santander from 2015 Consent Order

The Federal Reserve Bank of Boston released Santander Holdings USA Inc. from regulatory restrictions imposed in a written agreement in July 2015, according to a press release by the Fed on Thursday. The enforcement action was filed after the Reserve Bank of Boston’s inspection of Santander identified “deficiencies” in the bank’s governance, risk management, capital planning, and […]

Nicole Casperson
August 17, 2018
Compliance, Operations

How to Leverage Current Machine Learning and AI Tools in Auto Lending

Auto dealers have heard the hype about how machine learning (ML) and artificial intelligence (AI) are going to transform their businesses. Typically, there are usually two binary outcomes that are discussed. On one hand, the promise of the future seems so bright. Instead of relying on intuition and gut feeling, many divisions of their businesses […]

The Value of User Experience When Managing Risk

Much has been written about the rise of machine learning and artificial intelligence and how it will impact the auto lending industry. While there has been a significant amount of hype, the promise of artificial intelligence is simply game changing. The most obvious application is that thinking machines will be able to assess risk and […]

The Benefits of Artificial Intelligence in Auto Lending

We are inundated with discussion about how new technologies promise to change the way that we do business and live our lives. Yes, many of these proclamations offer rhetorical flourish and grand visions. That said, there are new technologies available and startups that are maximizing these technologies to transform the auto industry — even today. […]

How Lenders’ Response Time Influences Dealer Relationships

Automotive OEMs rate vehicle performance by the time it takes to go from zero to 60 in seconds. This is a measure of energy conversion – fuel, spark, movement. While this is a mechanical situation, a comparison can be made to business response times. While fuel is a potential auto loan customer, the spark is […]

How Lenders Can React to Negative Equity Situations

Here’s a commonly heard dialogue: Consumer #1 – “I’d like to buy a new car but I’m still upside down on this one!” Consumer #2 – “Oh don’t worry about that! You can just roll the balance into your new loan!” Consumer #1 – “Great! Let’s get started!” According to Edmunds.com, nearly 33% of car […]

2019 Crystal Ball: Competition, Direct Lending, and Customer Experience

According to the Credit Union National Association (CUNA), “69% of credit union auto loans originate through the indirect channel, and only 5% of those indirect members use additional credit union products.” Once the indirect loan has been paid off, it is challenging for the lender to extend the customer relationship. Any future engagement is with […]

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Tag Archives: compliance

Santander Settles SEC Claims of Improper Auto Loan Accounting

State Farm Bank Pays No Fine, Ordered to Adjust Practices After CFPB Settlement

Auto Finance News Launches Week-Long Event for Spring 2019

Election Analysis: AFSA Examines the Midterm Results

Cox Automotive Boosts Ancillary Product Compliance for Lenders With Acquisition

Boston Fed Releases Santander from 2015 Consent Order

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