Articles by: Cody Lyon

CREDIT: Delinquencies Rise, Lenders Tighten Credit

CREDIT: Delinquencies Rise, Lenders Tighten Credit

Subprime 60-plus-day delinquencies declined to 4.28% in February, compared with 5.09% in January, according to S&P Global. Year over year, however, February subprime delinquencies were up 14% over the same month a year prior. “Generally, delinquencies decline from January to February due to tax refunds and this pattern played out againRead More

Fintech Continues to Transform Auto Finance, but Will it Take Over?

Fintech Continues to Transform Auto Finance, but Will it Take Over?

Fintech companies that advertise efficient financing solutions are becoming more prevalent in the auto industry. Technology is advancing in a way where traditional players have no choice but to partner with new entrants, but the tide hasn’t completely turned from competition to collaboration. That’s according to Chris Chestnut, president of Payix.Read More

The Four Stages of a CFPB Exam

The Four Stages of a CFPB Exam

For many nonbank auto finance companies, an examination by the Consumer Finance Bureau will be a new experience. Legal experts David A. Luigs, Liz Alspector and Naeha Prakash of Debevoise & Plimpton LLP offered up some insight on what to expect.

Keeping An Eye On Vendors Must Be a Priority

Keeping An Eye On Vendors Must Be a Priority

Keeping track of a vendor is a big task, and it can be even bigger if what that vendor does is technical in nature. Lenders might assume they’ve covered themselves if they simply ask a service provider to address an issue related to technology, in particular if that problem is related to the vendor’s software.

A More Compliant Company is a More Competitive Company

A More Compliant Company is a More Competitive Company

These days, a more compliant company is a more competitive company.

What to Do If You Get ‘Served’ by a Regulator

What to Do If You Get ‘Served’ by a Regulator

One of the most important steps a company can take if it gets served a civil investigative demand from the FTC or any regulator is to be proactive, not reactive. That’s the advice from a chief legal officer for a major subprime auto finance company.

Simple Tips for Monitoring Credit Reporting Vendors

Simple Tips for Monitoring Credit Reporting Vendors

With recent CFPB enforcement actions coupled with an expansion of supervisory oversight to nonbank auto lenders, compliance concerns just got a bit more pronounced.