Auto lending

Richard Cordray took a big gamble in his final act as head of the Consumer Financial Protection Bureau, attempting to appoint his own interim successor. He lost Tuesday, but he was far from the only one.

Citing the dim financial outlook for a business it entered just six years ago, the Wayzata, Minn., company will stop making auto loans on Dec. 1.

The Consumer Financial Protection Bureau settled a $1.1 million enforcement action on Monday with Xerox Business Services, alleging that its software misreported borrower information to credit reporting agencies.

Franklin Codel reportedly made “disparaging remarks” about regulators; Zions may seek to have “too big to fail” label removed.

The subprime auto lender late Friday provided the final details of its separation agreement with Thomas Dundon, who stepped down two years ago in a leadership shake-up.

A new Republican director of the Consumer Financial Protection Bureau is likely to take immediate action to change certain rules, including the "qualified mortgage" and payday rules, while curbing pending enforcement actions that are considered too harsh on financial firms.

More stringent underwriting is the likely reason banks and credit unions are seeing relatively low levels of delinquencies on car loans to high-risk borrowers.

Dinesh Chopra is online bank's first-ever chief strategy officer.

Wells Fargo & Co. added $1 billion in the third quarter to what it says the bank may face in possible legal expenses.

The Consumer Financial Protection Bureau said 42% of car loans issued in the last year had a repayment term of six years or more, a huge leap over the 26% with such terms in 2009.

TCF is looking to diversify its streams of revenue as it dials back auto lending amid concerns about weakening credit quality.

The Dallas consumer lender says it plans to boost subprime originations again after retooling its portfolio and taking stock of the economy.

The Minnesota bank held on to auto loans, sold fewer consumer mortgages and paid more interest on deposits and long-term borrowings as it also redeemed preferred shares in the third quarter.

Taking a data-driven approach to marketing not only helped pump up originations -- it also helped save members money.

The hurricanes destroyed hundreds of thousands of cars, and banks are significantly boosting their reserves in anticipation of higher defaults on auto loans. But there is also a silver lining for auto lenders.

Huntington executives are surprised that chargeoffs are still so low and say they're prepared for things to get worse, yet they remain aggressive in auto and other categories. The juxtaposition is a sign of the times for lenders.

The 25 new CUs represent approximately 300,000 additional credit union members who will have access to the car-buying platform's services.

Total loans fell 1.6% at the North Carolina-based regional bank, which has been scaling back in key segments such as residential mortgages and auto. Wider margins offset that reduction, but earnings were flat and revenue growth small.

CU Journal's annual awards recognize new innovations that have demonstrated concrete results, giving readers a host of great ideas to use.

At 1.56%, the delinquency rate on consumer loans remains well below historic averages, the American Bankers Association said Thursday.