Articles by: Larissa Padden

Lenders Focus on Collections, as Delinquencies Tick Up

Lenders Focus on Collections, as Delinquencies Tick Up

Management, Operations May 31, 2017 at 1:39 pm

Although delinquencies benefited from tax refund season, according to S&P Global’s March U.S. Auto Loan ABS Tracker, 60-day subprime delinquencies in February — at 4.28% — were up from 3.75% during the same month a year prior. Meanwhile, the subprime recovery rate in February was 37.6%, down from 40.6% inRead More

Few Banks Tightened Credit Standards for Auto Loan Approval, Fed Finds

Few Banks Tightened Credit Standards for Auto Loan Approval, Fed Finds

Operations, Risk February 8, 2017 at 12:51 pm

Several large auto lenders reported elevated delinquencies and losses in the fourth quarter, but only 13% of banks surveyed by the Federal Reserve have tightened credit standards for approving auto loans. Meanwhile, 85% reported standards remained “basically unchanged,” while, on the bright side, no respondent reported loosening standards, according toRead More

CPS Set Up to Be ‘Recession Resistant,’ CEO Says [VIDEO]

CPS Set Up to Be ‘Recession Resistant,’ CEO Says [VIDEO]

Operations, Risk December 6, 2016 at 12:18 pm

Consumer Portfolio Services Inc. has a two-year revolving line of credit, with a one year amortization period, which — while not recession-proof — is hopefully recession-resistant, Chief Executive Charles Bradley said. “It gives us two years to use them, but what it really does, with the amortization, if for someRead More

WEBINAR: Digital Lending for Auto Finance: What Do Customers Really Want?

WEBINAR: Digital Lending for Auto Finance: What Do Customers Really Want?

Uncategorized November 30, 2016 at 12:39 pm

Digital self-service in banking is not about customer service, but rather, customer engagement — or at least it should be. That’s the upshot from the latest webinar hosted by Center for Auto Finance Excellence entitled Digital Lending for Auto Finance: What Do Customers Really Want? “Although attracting and retaining customers isRead More

Don’t Rely Too Heavily on Data, CPS CEO Advises [VIDEO]

Don’t Rely Too Heavily on Data, CPS CEO Advises [VIDEO]

Operations, Risk November 11, 2016 at 12:14 pm

There is more data available in auto finance to use in the decisioning process than ever before, Consumer Portfolio Services Inc. Chief Executive Charles Bradley said, but data isn’t everything. “Everyone is trying to find their niche,” he said during a fireside chat at the 2016 Auto Finance Summit. “TheRead More

Coping with CFPB Exams: How to Handle the Findings [VIDEO]

Coping with CFPB Exams: How to Handle the Findings [VIDEO]

Compliance, HR, Operations August 5, 2016 at 11:23 am

First comes the exam, then come the findings. And one sign of a good exam is no surprises, according to Linda Iannone, chief compliance officer at Toyota Financial Services. “By the time you get to the closing meeting, you should already know what the findings are going to be, andRead More

Coping with CFPB Exams: The Importance of First Impressions [VIDEO]

Coping with CFPB Exams: The Importance of First Impressions [VIDEO]

Compliance, Operations July 13, 2016 at 12:17 pm

Building relationships with the Consumer Financial Protection Bureau and other regulators is “so important,” said Linda Iannone, chief compliance officer at Toyota Financial Services. “We haven’t been examined by the CFPB yet, but we took a very proactive approach,” Iannone told attendees at the Auto Finance Risk & Compliance Summit in May. “AsRead More

Coping with CFPB Exams: The Top ‘Dos and Don’ts’ [VIDEO]

Coping with CFPB Exams: The Top ‘Dos and Don’ts’ [VIDEO]

Compliance, Management, Operations July 1, 2016 at 2:47 pm

A company’s legal representation should not be present during an exam from the Consumer Financial Protection Bureau, according to Richard Miller, director of compliance at Hyundai Capital America. “There’s a different level of animosity that comes with having a separate legal counsel in that role as a participant in theRead More

Coping with CFPB Exams, The Importance of Interviews [VIDEO]

Coping with CFPB Exams, The Importance of Interviews [VIDEO]

Compliance June 24, 2016 at 3:00 pm

Identify who are your subject matter experts are, engage them early, and start working on all the first day presentations – that’s the advice Richard Miller, director of compliance at Hyundai Capital America, gave on how to prepare for Consumer Financial Protection Bureau exams. Miller, along with Toyota Financial Services’Read More