Daily Digest – February 1. Case Against CFPB Structure Takes Surprising Turn; Santander, Credit Acceptance Putting Aside More Money For Expected Loan Losses

CASE AGAINST CFPB STRUCTURE TAKES SURPRISING TURN 

  • The big news of the day yesterday was a surprise ruling from the full Court of Appeals for the District of Columbia which ruled that the leadership structure of the Consumer Financial Protection Bureau is constitutional. The court, in its ruling, essentially reversed its own position, when a three-judge panel from the same court deemed the structure unconstitutional way back in late 2016. While this latest ruling is likely to be appealed to the Supreme Court, it does add another chapter into what is becoming a real plot twister because now, as the book reaches its climactic scenes, all the principal players have not only been replaced, but have switched sides, too.

 

SANTANDER, CREDIT ACCEPTANCE PUTTING ASIDE MORE MONEY FOR EXPECTED LOAN LOSSES

  • Expectations that subprime auto lenders may have turned the corner may have been premature as both Credit Acceptance and Santander Consumer USA both announced that they are putting aside more money for loan losses. Santander, for example, set aside $30 million more than it had in the third quarter, which may not seem like a lot, but executives had expected not to have to add any more money to their loan loss provisions.

WORTH NOTING: As someone who grew up with a dad who always won when playing Monopoly, this sounds like something that could even the score … The director for the Centers for Disease Control resigned yesterday after it was revealed she purchased stocks in tobacco companies after she joined the agency … Super Bowl Monday shouldn’t be a holiday, according to the results of a new poll … To-do list mistakes that are killing your productivity … A study analyzed 386 million emails to determine the perfect day and time to send a message … Is there such a thing as being too transparent? … People spent 50 million fewer hours per day on Facebook in the fourth quarter, and the company is happy about that … The mayor of Nashville is in some hot water after admitting to an affair with her top security officer … Older athletes are winning more on and off the field these days … President Trump’s re-election campaign spent $3 million on legal fees last year … Steven Spielberg handles losing very gracefully … Taylor Swift is going after ticket re-sellers who sell tickets to her concerts at above face value … Nearly 40 Republicans have announced plans to retire or not to run again since President Trump took office a year ago.

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Mike Gibb

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