CFPB rules that BNPL lenders should be treated as credit cards
The US Consumer Financial Protection Bureau has ruled that buy now, pay later lenders should be treated in the same way as credit cards.
Seeking knowledge leads Gage to be Repossession Executive of the Year
Dion Gage said he learns something new about the repossession and recovery business every day. His knowledge-gaining approach is part of the reason why Gage was named this year’s Repossession Executive of the Year, an accolade presented by Primeritus Financial … [Read More]
COMMENTARY: New frontier of used-vehicle acquisition and F&I’s pivotal role
The method in which auto dealers acquire used inventory is rapidly changing. Historically reliant on auctions and trade-ins, a surging demand for pre-owned vehicles and persistent market scarcity are compelling dealers to aggressively purchase directly from consumers at an unprecedented … [Read More]
The new synthetic scam: circular bank statement fraud
Fraud in auto lending has never stood still and neither can we. While synthetic identities, doctored paystubs, and misrepresented employment…
JPMorgan Chase dominates AI research in banking
JPMorgan Chase has consolidated its reputation as an AI research powerhouse, according to new data from benchmarking platform Evident.
Agora Data finalizes $12M deal with Road Auto Finance
Agora Data announced on Tuesday that it has closed a $12 million transaction for Road Auto Finance, an indirect auto finance company. The capital solutions and advanced performance analytics provider for the subprime to non-prime market called the development a … [Read More]
Arra Finance highlights ‘significant progress’ in subprime market since acquisition by Obra Capital
It’s been about seven months since Obra Capital acquired Arra Finance, so the indirect subprime auto finance company shared an update this week about how it’s going. Arra Finance said it’s made “significant progress” in successfully relaunching and leveraging its … [Read More]
FCA rules out intervention in wholesale data market
Despite finding room for improvements in the distribution of wholesale market data, the Financial Conduct Authority has ruled out intervention for fear of “unintended consequences”.
Davos: SC Ventures, Yabx invest $10m in purpose-driven lending platform Furaha
Standard Chartered’s innovation, fintech investment and ventures arm and Yabx Technologies, a Tech Mahindra group company, have signed a set of agreements to formalise their joint investment in Furaha.
Credora raises $6m for transparent credit markets
S&P Global and Coinbase Ventures have joined a $6 million funding round for Credora, a startup that has built privacy-preserving technology for real-time credit analytics.
Hyundai, Nissan offer 0% financing deals for July 4th
Auto manufacturers are offering 0% financing and deferred payments for the Fourth of July weekend amid rising monthly payments and…
Zopa launches current account
Half a decade after pivoting from P2P lending to become a bank, Zopa has entered the UK current account market.
BBVA inks OpenAI deal to bring ChatGPT to employees
Spanish banking group BBVA is stepping up its use of artificial intelligence, signing a deal with OpenAI to start rolling out ChatGPT to thousands of employees.
CFPB says startups and consumers must have say in open banking standard setting
The Consumer Financial Protection Bureau (CFPB) has taken another step designed to promote open banking in the US, finalising a rule for recognising data sharing standards and preventing incumbents from “squelching” startups.
Ford Motor director of capital markets confirms ‘no double-pledging’
MIAMI — Auto lenders that target consumers across the credit spectrum are under a microscope following Tricolor Auto’s Chapter 7…