American Lending Solutions recently expanded its relationship with Nationwide Management Services to include client-custom, door-knock and other debtor field services, building on the success of its agent compliance field inspection program that began on Feb. 1. “Where other companies are just getting their field compliance programs underway, ours is already ahead of the curve,” ALS […] [Read More]

Santander Consumer USA is going public. According to documents filed with the Securities and Exchange Commission last week, Santander Consumer USA intends to use the net proceeds received through the $50 million initial public offering for general corporate purposes. [Read More]

How strong is subprime? Experian Automotive shed a bit of light on this in a recent analysis detailing just how much momentum the subprime finance sector gained during the first quarter. According to its State of the Automotive Finance Market report, Experian found that the market share for finance companies — lenders such as Santander […] [Read More]

How the Consumer Financial Protection Bureau is conducting its business continues to be questioned by leaders on Capitol Hill. On Tuesday, Sen. Mike Crapo requested that the Government Accountability Office (GAO) investigate what he called the "big data" collection effort being undertaken by the CFPB on consumer spending habits. [Read More]

Ever since the Consumer Financial Protection Bureau released its fair lending guidance to indirect auto lenders on March 21, dealers and lenders have questioned the basis for the guidance — and now Washington lawmakers are, as well.   The foundation for the CFPB’s guidance wholly rests on a disputed theory of liability called “disparate impact.” […] [Read More]

Auto Data Direct pointed out that tow, storage and recovery businesses in Florida should now be encountering changes in requirements for the good faith letter process and certificate of destruction procedures based on a new law passed by the Florida Legislature. As a result, ADD is offering what it believes is an affordable and effective […] [Read More]

After a year of multiple acquisitions, restructuring and rebranding, Primeritus Financial Services celebrated the company’s 500,000th repossession assignment on Monday.  Primeritus Financial Services chief executive officer Chuck Tapp reflected on the accomplishment and shared when he hopes the company will hit its next milestone in connection with its recovery management, skip-tracing and remarketing services. “It’s […] [Read More]

Compliance experts from Reynolds and Reynolds and Dealertrack Technologies explained how the first enforcement action against the vehicle financing industry by the Consumer Financial Protection Bureau might give more detail about the agency's regulatory agenda. To begin his assessment of what the CFPB ordered U.S. Bank and Dealers' Financial Services to do, Terry O'Loughlin, the […] [Read More]

The first significant penalty from the Consumer Financial Protection Bureau in connection with vehicle financing came Thursday — a development associated with approximately $6.5 million in revenue for two companies. The CFPB ordered U.S. Bank and one of its nonbank partner companies, Dealers’ Financial Services, to end what it called deceptive marketing and lending practices […] [Read More]

Nearly simultaneously as the director of the Consumer Financial Protection Bureau reportedly responded to a series of policy questions from the House Democrats, lawmakers from the other side of the aisle fired a list of inquiries about how the agency intends to regulate auto lending. [Read More]