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The more than 1,000 credit unions using CU Direct’s CUDL Lending Platform have generated one million loans year to date, surpassing Ally Bank in loans originated this year.
Read More →The suite includes the latest upgrades to the firm’s LoanSmart Solutions, which have been adopted by major lending software providers for more than 20 years. The offerings also meet the Consumer Financial Protection Bureau’s third-party vendor compliance recommendations and consumer privacy and security requirements.
Read More →Edmunds is teaming with CUneXus to build new shopping and purchasing solutions. The latter offers a “click-to-accept” consumer loan platform that allows finance sources to deliver loan offers to in-market consumers through their mobile devices.
Read More →The NADA has filed a second Freedom of Information Act request for internal CFPB documents that allegedly show the bureau intended to regulate the auto finance market through enforcement action. An earlier request was denied.
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The CFPB and DOJ announced two actions against Fifth Third Bank on Monday, one of which requires the finance source to pay $18 million in restitution to minority auto loan borrowers, as well as limit its dealer partners’ ability to markup interest rates on auto loans.
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The magazine’s from-the-trenches columnist provides a reminder that a straw purchase is a violation of federal law, no matter how willing the buyer and the ‘straw man’ are.
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The CFPB has notified the Department of Justice that Santander Consumer USA’s auto lending practices have allegedly violated fair lending laws, according to a regulatory filing.
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The Wall Street Journal reported this week that the CFPB is urging Fifth Third Bank to cap dealer markup as part of a potential settlement with the regulator.
Read More →A manager for a New York-based dealer group explains why the right lender mix is becoming an increasingly blurred variable for dealerships and their F&I offices.
Read More →GM Financial's transformation from subprime finance source to GM's captive finance company continued in the second quarter, with GM new-vehicle loans and leases accounting for 83.5% of total originations during the period.
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