Auto lending

Ally Financial, the auto lender rescued by the U.S. government during the 2008 financial crisis, promoted Diane Morais to chief executive officer of the banking unit as Jeffrey Brown reshapes management.

Ally Bank, which has been known for online deposit-gathering and ads that poked fun at traditional banks, was the envy of some in the industry and a source of anger for others. But now it is looking to alter its business model as its struggling parent company retools.

Prosper Marketplace, an online lender for consumer loans, has found a new source of referrals: community banks.

A senior regulatory official on Wednesday continued the alarm bell over the brisk growth in auto lending, suggesting that some lending terms could be setting up banks for trouble.

Auto lending surged to an all-time high in the fourth quarter yet delinquencies remained low, Experian said in a report issued Thursday.

The chief executive officer of Exeter Finance responds to critics who argue that it's become too easy for Americans with low credit scores to finance a car purchase.

In unusually expansive comments, Consumer Financial Protection Bureau Director Richard Cordray provided new details Tuesday about proposals due soon from the agency while offering insights into an internal battle over easing a key mortgage rule.

Jeffrey Brown, suddenly elevated to CEO of Ally Financial, will have to accelerate the auto lender's diversification plan started by his predecessor, Michael Carpenter. Brown will need to explore new sources of originations, funding and investments.

Ally Financial, the auto lender bailed out by the U.S. government, appointed Jeffrey J. Brown as chief executive officer, succeeding Michael A. Carpenter, who's also leaving the board.

TCF Financial took $44 million in charges to rid itself of mortgages made before the housing collapse. A distressed-asset investor purchased more than $400 million in loans from the company, and another pool of bad mortgages may be marked for sale soon.

Ally Financial faced tough questions Thursday about its strategy in the wake of the Detroit automaker's decision to use its own in-house financing arm for its entire subsidized lease business.

The Justice Department has subpoenaed another subprime auto lender as it extends its investigation into the industry.

Capital One Financial posted a 17% rise in net income in the fourth quarter thanks largely to growth in its U.S. credit card business.

BB&T and KeyCorp's quarterly results showed how more diversified regional banks can turn to their insurance sales, investment banking and other fee generators for backup until interest rates improve. Whereas the smaller Huntington Bancshares needed strong loan growth in a quarter (and year) when fees fell.

Stephen Steinour, the head of Huntington Bancshares, cited strong projected growth in auto sales and an improving housing market as good signs for the Midwestern bank's fortunes in 2015.

Wells Fargo has eased off the gas pedal in auto lending, as concerns about weakening industrywide credit standards continue to spread.

The San Francisco bank will lend to more borrowers with weaker credit histories, an official at the bank said. Bank of the West, a BNP Paribas subsidiary, has proven to be more aggressive than U.S. peers in the past.

Revolving consumer credit in the U.S. fell in November by the largest amount in a year, according to a report Thursday from the Federal Reserve Board.

An index of late-payment rates hit a record low in the third quarter, as consumer spent less to fill their gas tanks.