Daily Digest – August 29. More Signs Point to Cordray’s Departure From CFPB; Santander CEO Quits

MORE SIGNS POINT TO CORDRAY’S IMPENDING DEPARTURE FROM CFPB There are a growing number of signs that Richard Cordray, the director of the Consumer Financial Protection Bureau, will be resigning in the near term in order to run for governor of Ohio. Cordray has been announced as the keynote speaker for the Ohio Land Bank Conference on Sept...

Daily Digest – August 17. Delinquency Rate on Auto Loans Increases; Experts Share Tips For Improving Collection Practices

DELINQUENCY RATE ON AUTO LOANS INCREASES AS LENDERS PULL BACK ON SUBPRIME LENDING The delinquency rate on auto loans increased 10% between the second quarter of 2016 and the second quarter of 2017, according to data released by TransUnion. The likely reason for the increase is the influx of subprime loans that lenders have been originating...

Daily Digest – August 14. Nicholas Financial Losses Climb in 2Q, Higher Losses on Horizon

NICHOLAS FINANCIAL LOSSES CLIMB IN 2Q  The delinquency and charge-off rates at Nicholas Financial are climbing steadily, according to data released by the company during its second-quarter earnings report. The total amount of loans that were at last 31 days delinquent was $58.2 million at the end of the second quarter, up from $37 million last...

Daily Digest – August 10. Credit Unions Top List of Auto Loan Originators; Wells Puts Blame on Vendor For Insurance Fiasco

CREDIT UNIONS TOP LIST OF AUTO LOAN ORIGINATORS CU Direct, a network of credit unions, originated the most auto loans during the first six months of 2017, beating Capital One, Wells Fargo, and Ally. CU Direct originated nearly 600,000 auto loans during the first half of 2017, 19% more than it did last year. WELLS PUT BLAME ON VENDOR FOR...

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