Author - Mike Gibb

Daily Digest – February 21. Santander To Pay $3 Million in Fines Over Repossession Issues; Consumer Credit, Including Auto Loans, Keeps Growing

SANTANDER TO PAY $3 MILLION IN FINES OVER REPOSSESSION ISSUES Santander Consumer USA has agreed to pay nearly $3 million in fines after it was accused of failing to properly determine the unpaid balance on repossessed motor vehicles. Santander also did not provide written itemized statements showing the proceeds of the sales of repossessed...

Daily Digest – February 20. Cordray Keeps Up Rhetoric Against Changes at CFPB; Customs Agent Arrested For Pulling Gun While Helping With Repossession

CORDRAY KEEPS UP RHETORIC AGAINST CHANGES AT CFPB Richard Cordray, the former director of the Consumer Financial Protection Bureau who is now running for governor of Ohio, is not a fan of the changes to the agency that have been announced by his successor, acting director Mick Mulvaney. Speaking yesterday, Cordray accused the CFPB of shifting...

Daily Digest – February 14. White House Slashes CFPB Budget; Auto Loan Delinquency Rate Keeps Rising

WHITE HOUSE BUDGET PROPOSAL SLASHES CFPB FUNDS, PUTS AGENCY BUDGET UNDER CONGRESSIONAL CONTROL The budget for the Consumer Financial Protection Bureau would be moved under Congressional control if President Donald Trump’s budget proposal is adopted. Currently, the CFPB’s budget is allocated by the Federal Reserve Board and is not controlled...

Daily Digest – February 12. The Subprime Lender That Repossesses 35% of the Cars it Finances

THE SUBPRIME LENDER THAT REPOSSESSES 35% OF THE CARS IT FINANCES Credit Acceptance repossesses 35% of the cars it finances, according to a published report. While that number might be in line with other subprime auto lenders, that 35% figure did make it to the mainstream media last week. That figure has also remained fairly consistent for the...

Daily Digest – February 2. Man Charged After Shooting at Repo Agent; Website Publishes Excerpts of Emails Detailing Cordray’s ‘Plot’ To Have English Named His Successor

MAN CHARGED AFTER SHOOTING AT REPO AGENT A Mississippi man has been charged with aggravated assault after allegedly shooting a handgun in the direction of a repossession agent. The agent had knocked on the door of the vehicle owner’s house in search of a key. The man’s wife answered the door and claims the agent kept trying to open...

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...

Daily Digest – January 30. Woman Arrested For Driving Stolen Repossessed Vehicle; Repo Agents Aid in Finding Carjacked Vehicle

WOMAN ARRESTED FOR DRIVING STOLEN REPOSSESSED VEHICLE  A Louisiana woman has been arrested after she was caught driving in a car that had been repossessed and subsequently stolen in California.   REPO AGENTS AID IN FINDING CARJACKED VEHICLE Two repossession agents in Houston, Texas, helped find a stolen vehicle which was being driven by a...

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