Daily Digest – April 16. Laptop in Truck Takes Brunt of Shotgun Blast From Disgruntled Vehicle Owner

LAPTOP IN TRUCK TAKES BRUNT OF SHOTGUN BLAST FROM DISGRUNTLED VEHICLE OWNER A repo agent in California is saying thank goodness for the laptop in the truck after the machine took the brunt of a shotgun blast from a vehicle owner last week. The owner of the vehicle, who fired the shotgun, has been arrested and is facing attempted murder...

Daily Digest – April 13. California Man Arrested For Shooting at Agent; Mulvaney Goes Before Senate Banking Committee

CALIFORNIA MAN ARRESTED FOR SHOOTING SHOTGUN AT REPOSSESSION AGENT A California man has been arrested and charged with attempted murder after allegedly firing a shotgun in the direction of a repossession agent after the man’s vehicle was repossessed.   MULVANEY GOES BEFORE SENATE BANKING COMMITTEE I’m not quite sure why, but I...

Daily Digest – April 12. Credit Acceptance President Announces Retirement; Democrats Let Mulvaney Off Hook

CREDIT ACCEPTANCE PRESIDENT ANNOUNCES RETIREMENT Steven Jones, the president of Credit Acceptance, has announced his retirement, effective June 30.   SENATE PLANS REPEAL OF INDIRECT LENDING RULE The Senate Banking Committee is planning to repeal a rule, originally issued by the Bureau of Consumer Financial Protection, that regulates...

Daily Digest – April 6. More Subprime Lenders Going Out of Business; CFPB Paying Top Dollar to New Hires

MORE SUBPRIME AUTO LENDERS GOING OUT OF BUSINESS More and more subprime auto lenders are going out of business, driven there by increasing loan losses and shrinking profit margins, according to a published report. The article mentions the bankruptcy filing of Summit Financial Corp., and Spring Tree Lending, as well as the winding down of Pelican...

Daily Digest – April 5. W.V. AG Reaches Settlement Over Using Unlicensed Agents To Recover Vehicles; Subprime Auto ABS Delinquencies Hit 22-Year High

W.V. AG REACHES SETTLEMENT AFTER BANK USES UNLICENSED REPO AGENTS TO RECOVER VEHICLES The attorney general of West Virginia has reached a settlement with First Sentinel Bank, after it was accused of repossessing more than 300 cars using vendors that were not properly licensed to recover vehicles in the state. The settlement will require the bank...

Daily Digest – April 3. Mulvaney Calls CFPB ‘Too Powerful,’ Calls on Congress to Limit Agency’s Reach; CFPB Unveils New Seal

MULVANEY CALLS CFPB ‘TOO POWERFUL,’ CALLS ON CONGRESS TO LIMIT AGENCY’S REACH In advance of testifying before the House Financial Services Committee and the Senate Banking Committee next week, Mick Mulvaney, the acting director of the Consumer Financial Protection Bureau released his semiannual report to Congress yesterday, and...

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