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 […]
  • William Hoffman
  • January 5, 2018
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TCF Bank to Grow Powersports Floorplan Unit Despite Exit From Auto

TCF Bank’s powersports floorplan operation has been unaffected by the company’s decision to stop originating indirect auto loans, a TCF spokesman told Powersports Finance. “Floorplan lending is handled through TCF Inventory Finance, a completely separate business unit,” he said. “[TCF Inventory Finance’s] operations and lending remain unchanged.” The bank stopped originating auto loans through indirect finance […]
  • William Hoffman
  • January 3, 2018
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Wells Fargo’s Collections Team Merge Tops 2017 List of Most-Read Stories

In May, Auto Finance News learned that Wells Fargo Dealer Services was in the process of consolidating its network of collection centers, which topped the 2017 list of most-read stories. Wells Fargo Dealer Services merged 60 regional collection teams and eliminated 57 executives from regional centers. Separately, Executive Vice President Bill Katafias departed the bank. […]
  • Emma Sandler
  • January 1, 2018
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High Charge-Offs, Low Yields Drove TCF Out of Auto Market, Analyst Says

Although TCF Bank was reticent to admit there were credit performance problems in its auto portfolio, the combination of low yields and a high volume of charge-offs ultimately drove the lender out of the business, said David Chiaverini, equity research analyst of mid-cap banks for Wedbush Securities. “[TCF] mentioned that credit quality is coming in-line […]
  • William Hoffman
  • December 11, 2017
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TCF’s Auto Sector Exit Intensifies Profitability Concerns at Regional Banks

The announcement this week that TCF Bank will shutter its indirect auto finance unit, Gateway One Lending & Finance LLC, caps a year that has been volatile for mid-sized regional banks, according to Peter Winter, analyst at Wedbush Securities. “Most banks are surprised how long the credit cycle has lasted for the [mid-tier] bank group,” […]
  • William Hoffman
  • December 6, 2017
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Prior to Business Exit, TCF Scores Pointed to Waning Performance

In announcing TCF Bank’s exit last week from the auto sector, CEO Craig Dahl said subsidiary Gateway One Lending & Finance “performed as expected” under the new direction set earlier in the year. Yet, data from the 2017 Auto Finance Performance initiative paint a picture of a lender whose representatives were falling short of dealer […]
  • Marcie Belles
  • December 5, 2017
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