CFPB Chief Kraninger Appointed Chairman of FFIEC

Kathy Kraninger, director of the Consumer Financial Protection Bureau, was appointed chairman of the Federal Financial Institutions Examination Council last week, according to a company press release. The FFIEC is a formal inter-agency body tasked with prescribing recommendations to promote uniformity in the supervision of financial institutions through uniform principles, standards, and report forms. Its […]

• Joey Pizzolato
• April 9, 2019
• Compliance, Operations

CFPB, OCC, Federal Reserve Prioritize Fintech Regulation in 2019

WASHINGTON, D.C. — Half of the bankers at CBA Live 2019 identified investments in technology as their No. 1 priority for the immediate future. On the heels of that audience response, a panel of regulators urged that innovation and technology is a top priority, as well. One of the top objectives of the Consumer Financial […]

• Nicole Casperson
• April 2, 2019
• Innovation & Mobility, Risk, Technology

Powell Signals Prolonged Fed Pause as Inflation Lags, Risks Loom

Federal Reserve Chairman Jerome Powell said interest rates could be on hold for “some time” as global risks weigh on the economic outlook and inflation remains muted. “We don’t see data coming in that suggest that we should move in either direction. They suggest that we should remain patient and let the situation clarify itself […]

• Bloomberg News
• March 21, 2019
• Capital Markets, Strategy

Credit Unions Gain Share With Bigger Risk Appetites, Dealers Say

From the February issue: Credit unions have been grabbing marketshare by dipping into lower credit scores and making more exceptions, a sampling of dealers nationwide told Auto Finance News. As a result, larger banks and other financial lending institutions are missing out on potential borrowers, dealers said. Lower Valley Credit Union and Numerica Credit Union […]

• Bianca Chan
• March 1, 2019
• Credit Performance, Features, Operations, Strategy

Term Extensions Trump Rate Cuts for Tackling Affordability, TransUnion Says

Despite concern that rising interest rates will slow new-car sales, loan term extensions will move the needle quicker on monthly loan payments, Brian Landau, senior vice president and TransUnion’s auto line of business leader, told Auto Finance News. Auto lenders originated 7.1 million loans through the third quarter of 2018, up 0.5% year over year, TransUnion reported this […]

• Nicole Casperson
• February 22, 2019
• Operations, Strategy

Fed Won’t Tap Brakes Until It’s Ready for a Recession

Federal Reserve watchers have spent the better part of a decade arguing about what policy normalization should look like. Last week, in response to events over the past few months, the Fed declared monetary policy more or less normalized. With the Fed seemingly out of the picture for the time being, if the economy cooperates, […]

• Bloomberg News
• February 4, 2019
• Risk, Strategy

Fed’s Dovish Pivot Flattens Remaining Rate-Hike Expectations

Chairman Jerome Powell signaled the Federal Reserve won’t raise interest rates again until inflation accelerates in a dovish pivot that left many investors betting against any further hikes in this economic expansion. Not only did central bankers drop a reference to “further gradual increases” in their statement on Wednesday, they implied the next move could […]

• Bloomberg News
• January 31, 2019
• Risk, Strategy

Used-Vehicle Values Will Climb in 2019 If Tariff Threat, Rate Hikes Persist 

December auction prices increased 4.3% year over year, bringing the Manheim Used Vehicle Value Index to 137.6, the company announced last week. “Three-year-old vehicles ended the month worth 2% more than they would normally have been worth had typical depreciation occurred instead of the abnormal appreciation observed this summer,” said Manheim Chief Economist Jonathan Smoke. Two main factors that […]

• Nicole Casperson
• January 17, 2019
• Sales & Marketing, Strategy, Update