Ally Financial

Other banks soured on their AR experiments, but Ally Financial says the technology has yielded higher-balance deposit accounts — and heavier social media engagement — in marketing campaigns.

At the brokerage and wealth management arm of Ally Financial, Bell leads the team responsible for shaping the insight on investing and the global markets that is shared with customers.

Surging used-car prices — brought on by a combination of strong consumer demand and limited new-vehicle supply — are boosting loan yields and profits at the Detroit company.

The auto finance company, which had stumbled in forays into the credit card business, is now seeing rapid growth in mortgage and unsecured consumer lending.

The digital-only bank is running a new promotion in which it will set up and fund, with $250, an online savings account for any baby born on New Year’s Eve.

The automaker is reportedly planning to apply for a bank charter so it could collect deposits and grow its own auto-finance business. That could create more competition for Ally, which was spun off from GM in 2006 but remains a key lending partner.

Financial institutions like Ally Financial, Clinton Savings Bank and First National Bank of Omaha are recruiting personal finance experts, college students and local personalities to promote their products and services.

Payment rates for auto lenders and credit card issuers have remained strong despite a spike in unemployment. Whether these trends continue into 2021 will depend largely on the actions of Congress and the pace of medical advances.

The digital bank is on a larger mission to attract younger customers. It's inserting itself into the popular video game in the hope that game players will learn about its products and have fun at the same time.

The agency overreached in its proposal to revamp the Community Reinvestment Act when it should have simply required branchless banks to invest more in areas where deposits are taken.

The auto lender says consumers’ skittishness about flying and using public transit during the pandemic has fueled a surge in demand for new and used cars. But executives remain wary of high unemployment and the potential for a rise in loan defaults.

The Detroit company will provide grants over the next three years to promote homeownership and help small businesseses struggling to recover from the pandemic and civil unrest.

The company will offer retail installment loans up to $40,000 through a partnership with Mastercard's Vyze unit.

Some 60% of Ally’s auto originations in the second quarter were used-vehicle loans, the highest percentage in the company's history.

The companies said the "meaningful impacts" of the coronavirus pandemic led them to terminate the $2.7 billion deal.

The ratings firm also took negative action with respect to Ally, Synchrony, Discover, Sallie Mae and Navient, citing the impact that the coronavirus crisis is having on their revenues and profits.

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After more than tripling its loan-loss provision, the $182 billion-asset company became the first large U.S. bank to report a quarterly loss as a result of the coronavirus pandemic.

Closed showrooms, temporary bans on repossessions and a sudden spike in unemployment have dimmed the prospects of a sector that has boomed since the last recession.

From paying $1,000 bonuses to branch employees to subsidizing child care expenses, banks are offering a slew of new perks for front-line employees still working and more paid leave for those who are ill or caring for sick family members.