Auto lending

In a tough quarter for the auto industry, the Detroit-based lender posted earnings that sped past Wall Street's expectations.

The credit infrastructure and analytics company secured $35 million in a Series D funding round, led by Socium Ventures, the venture capital division at Cox Enterprises, to expand cash-flow underwriting into auto lending and personal loans.

JPMorganChase CEO Jamie Dimon said that his bank can improve its procedures to guard against fraud.

The Consumer Financial Protection Bureau received pointed pushback from banks in their public comments on a proposed rule that would slash the number of nonbanks being supervised in four key markets.

Triumph Financial took steps to guard and move scores of cars backing its $23 million loan to Tricolor Holdings after the subprime auto lender filed for bankruptcy last week.

Creditors of the subprime auto lender Tricolor, which filed to liquidate in bankruptcy this month, are staking their claims on the company's remaining assets.

The AI-powered auto lender is the latest fintech to debut an IPO in recent months, even as a different auto lender filed for bankruptcy this week.

Origin Bancorp, Renasant Bank and Triumph Financial are the latest financial institutions to report exposure to the bankrupt auto lender Tricolor, joining a list that includes Fifth Third, Barclays and JPMorganChase.

Tricolor Holdings had been showing some cracks leading up to its bankruptcy filing Wednesday. Fifth Third, which had funded the company, said that the problem is a "one-off."

The auto lender's earnings outpaced Wall Street's expectations. But shrinking car inventories at dealerships, which stemmed from new tariffs, put a dent in Ally's lending.