Daily Digest – August 3. Forced Insurance That Led To Repossessions Gets Wells In More Hot Water; Losses Spike at Credit Acceptance

INSURANCE THAT LEAD TO REPOSSESSIONS KEEPS GETTING WELLS IN HOT WATER The New York Department of Financial Services has issued subpoenas to Wells Fargo after the lender admitted it had placed insurance policies on hundreds of thousands of vehicles and charged the individuals for the policies. In as many as 20,000 cases, the extra payments caused...

Daily Digest – August 1. Wells Fargo Fires Regional Business Managers As Part of Collections Consolidation; MVTrac Announces Investment, Personnel Changes

WELLS LETS REGIONAL BUSINESS MANAGERS GO AS IT CONSOLIDATES COLLECTIONS CENTERS As part of its consolidation of its regional collections centers, Wells Fargo has let go of 57 regional business managers, some of whom have been with the company for decades. Wells had previously announced that it was consolidating the 57 different collections...

Daily Digest – July 28. Wells Fargo May Have Repossessed 20,000 Vehicles After Placing Unnecessary Insurance; Lenders Reporting Strong Earnings

WELLS MAY HAVE REPOSSESSED 20K VEHICLES AFTER PLACING UNNECESSARY INSURANCE ON THEM Wells Fargo may have repossessed up to 20,000 vehicles because individuals defaulted on their car loans as a result of the lender placing unnecessary insurance on their vehicles, according to a published report. The lender obtained insurance for nearly 500,000...

Daily Digest – July 27. Ford Credit Releases Repossession Stats; Pelican Touts DRN’s Subscription Service

FORD CREDIT DISCUSSES REPOSSESSION FIGURES, LOSSES DURING EARNINGS CALL Ford Credit repossessed 8,000 vehicles during the second quarter of 2017, and lost an average of $10,500 on each repossession, the company said yesterday when discussing its second quarter earnings. Last year, during the same period, Ford lost an average of $9,900 per...

Response to Pennsylvania forming CFPB

EDITOR’S NOTE: The following are comments from David Kennedy, Vice President and Director Compliance for the American Recovery Association.  There is big news out of Pennsylvania this morning affecting the financial Institution and third-party service provider world. Pennsylvania Attorney General Josh Shapiro announced the formation of a...

Daily Digest – July 25. Pennsylvania Taps Former CFPB Employee To Lead New Bureau of Consumer Protection

PENNSYLVANIA TAPS FORMER CFPB EMPLOYEE TO LEAD NEW BUREAU OF CONSUMER PROTECTION The state of Pennsylvania has tapped Nicholas Smyth to lead its newly created Bureau of Consumer Protection, which is being labeled as a state version of the Consumer Financial Protection Bureau. Smyth was one of the first employees hired with the CFPB was created...

PRA LPR Unit Sold To Investment Fund

The license-plate recognition unit of Portfolio Recovery Associations (PRA), formerly known as PRA Location Services, has been acquired by an affiliate of Delaware Street Capital, an investment fund. As part of the acquisition, the company has been renamed Pathfinder Services. Here is an announcement from the company: To all Customers and...

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