PHOENIX - (04/10/06) A day after the state Senatedebated a controversial bill to restrict car brokers, DesertSchools FCU, one of the bills biggest supporters, terminatedits long-time new-car buying service. The Desert Schools hasallowed members to buy new cars for the past 14 years through AutoSource, a broker service owned and operated by Centennial AutoSales. Centennial, one of the major opponents of the bill, has 20brokers working at Desert Schools branches and also providesservices for several other area credit unions and AAA Arizona. TheBrokers Bill, drafted by dealers, would precludebuyers from hiring independent auto brokers to handle the entiretransaction. The bill would require that someone from thedealership actually deliver the vehicle to the customer. Officialswith the $3.5 billion credit union said they decided to end theircontract with Auto Source to focus more on the credit unionsLoan Direct indirect lending program, a partnership with more than200 new-car dealers across the state. The Brokers Bill was narrowlypassed by the state Senates Transportation last week and nowgoes for vote by the full Senate.
-
Consumer spending slowed and charge-offs rose during the first quarter, but Bread Financial said a pending late-fee rule may not be as devastating to its revenue as the Columbus, Ohio-based firm initially feared.
21m ago -
Artificial intelligence models are energy hogs. Climate First Bank and UBS are among the very few trying to solve this problem.
34m ago -
The FDIC board debated and ultimately withdrew two separate proposals to address asset managers' control over banks, but acting Comptroller of the Currency Michael Hsu said he couldn't support either and called for more research and debate about how asset managers' control over banks impacts safety and soundness.
2h ago -
The state's comptroller of public accounts is one of several notable non-depositories with access to the Fed's payments system, along with the Chicago Mercantile Exchange and the Tennessee Valley Authority. So why do they have accounts while some neobanks don't?
2h ago -
Mortgage rates rose 7 basis points this week, Freddie Mac said, and more increases are likely following a weaker than expected gross domestic product report.
2h ago -
While home lenders are seeing a decrease in issues coming through mobile channels, phone fraud spiked last year, accounting for 28% of losses, a new report found.
4h ago