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Fintech startups continue to captivate venture capital firms and angel investors, giving a boost to a program in which the operators of startups get advice from mentors and make presentations to hundreds of bankers at an annual event in New York.
June 26 -
The powerful Consumer Financial Protection Bureau is helping to reshape mortgage and payday lending, but its attempts to curb abuses in auto lending have been largely stymied by the clout of car dealers and the fragmented nature of auto finance.
June 23 -
BB&T's auto-finance division will stop dealers from marking up the price on sales contracts, and instead will offer a flat-fee compensation program.
June 19
Nationwide Bank in Columbus, Ohio has created an online car loan service that allows consumers to secure financing and insurance and shop for a car purchase.
The $6.4 billion-asset unit of Nationwide Mutual Insurance said the service will connect consumers with local car dealers, and will provide upfront pricing information. Users can also obtain financing from Nationwide before going to the dealership.
The auto-shopping component to the service is fueled by TrueCar, a company that runs a mobile marketplace through a network of 10,000 dealers.
The service was released on the heels of a study conducted by Nationwide that found only a quarter of people found the car-buying process painless, while 62% said they don't believe they can get better financing through a dealership.
"Our research found that car buyers want a simple, straightforward process when shopping for a car," Lynn Anderson, president of Nationwide's banking operations, said in a news release.