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Wells Fargo settles TCPA claims with $18M payout

Regulators have approved Wells Fargo’s $17.85 million deal to settle lawsuits accusing the bank of violating the Telephone Consumer Protection Act, a law designed by Congress to protect consumers from receiving unwanted communications without prior consent.  Wells Fargo has agreed to pay a nationwide class of 440,000 consumers who claim they received automated calls from […]

Investment Research Firm to Buy Rating Agency DBRS

Investment research firm Morningstar Inc. will acquire credit rating agency DBRS for $669 million, according to the companies. The deal is expected to close in the third quarter.    Morningstar has been mostly absent from the public auto-ABS rating space, primarily rating private placement transactions, a company spokeswoman said, without providing details. In the public […]

3 Themes to Watch in April

Last month, compliance and operations stories dominated the ranks as Auto Finance News’ most-read March stories. Below are AFN's top three themes to monitor, as determined by the six most-read stories in March. TCPA Settlements As the auto regulatory environment continues to heat up with stiffer oversight on both state and federal levels, TCPA settlements […]

Flagship Credit Acceptance Settles $4M TCPA Claim

Flagship Credit Acceptance LLC has agreed to a $4 million class-action settlement against allegations that the subprime lender violated the Telephone Consumer Protection Act by “calling individuals on cellular telephones using an automatic telephone dialing system and/or a prerecorded voice,” according to a court filing. Chadds Ford, Pa.-based Flagship “strongly disputes” that the calls were […]

Warehouse Lenders Boost Flagship’s Funding Facility

Flagship Credit Acceptance’s warehouse lenders bumped up and extended its credit line last month, according to a Kroll Bond Rating Agency presale report released last week. The five financial institutions backing the funding facility increased its capacity by 12.5% — to $900 million — through October 2020. Flagship has approximately 90% capacity remaining on the […]

Flagship to Add Lenders, Customization Options on CarFinance.com

CarFinance.com is building a platform for its lender partners to “build their own” portals on the website, chief executive Craig Hewitt told Auto Finance News. The new offering from CarFinance.com will allow its lender partners to pick and choose the financial products they offer through the portal, Hewitt said. “We’re designed to be the consumer landing […]

CarFinance.com to Separate From Flagship Credit, Onboard More Lenders

CarFinance.com, the online direct lending unit of Flagship Credit Acceptance, is building its lender network, auto loan products, and white-label services as it looks to spin out from the parent company to become fully independent “in the near future,” newly appointed Chief Executive of CarFinance.com Craig Hewitt told Auto Finance News. “[Flagship] understood that the […]

Flagship Credit Names First CarFinance.com CEO

Flagship Credit Acceptance has announced the appointment of the first dedicated CEO of its direct lending arm CarFinance.com, the company announced in a press release this week.   Craig Hewitt began leading the lender’s fintech arm on July 16, bringing 25 years of auto finance experience to the company. Most recently, he held the role […]
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