LAKE SUCCESS, N.Y. - (11/08/05) -- DealerTrack Inc. said last week thatNissan Motors Acceptance Corp. has securitized $8 million ofelectronic vehicle contracts originated and stored on the company'seContracting system, marking the first time that electroniccontracts were included in an automotive securitization on a widebasis. DealerTrack's eContracting is integrated with the company'sonline credit application processing and enables car dealers tosubmit retail sales contracts electronically to credit unions andbanks. With eContracts, the consumer receives a paper copy of thecontract, but the legal copy of the sale remains in electronicformat and is stored with DealerTrack or the lender.
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The Philadelphia-based bank's parent company, Republic First Bancshares, had been roiled by a yearslong proxy battle involving activist investors groups and its former CEO.
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The Wyoming-based digital asset bank filed paperwork to challenge last month's district court ruling, which affirmed the Federal Reserve's view about its discretion over master account applications.
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The former head of the Consumer Financial Protection Bureau resigned Friday after the troubled rollout of the Free Application for Federal Student Aid led some House Republicans to call for his resignation.
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Mississippi's Renasant names its next CEO; environmental fintech Aspiration Partners spins out its consumer brand; the OCC adds five weeks to comment period for Capital One-Discover merger; and more in the weekly banking news roundup.
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