Delaware State Fund Highlights Importance of Financial Education

The Delaware Bank Commissioner this week will award $340,000 to schools, non-profits, and community organizations to fund financial literacy courses, according to a report from Delaware Public Media. The state last distributed financial-literacy grants, which are funded via revenue from a license fee on businesses that extend high-cost payday and car title loans dollars, in 2017. The […]
  • American Financial Services Association
  • August 22, 2019
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Financial institutions drop the ball on diversity

Megabanks, including Bank of America, JPMorgan Chase, and Wells Fargo, are still lagging when it comes to diversity and inclusion, the House Financial Services Committee found. An analysis of diversity data from 2015 to the present provided by the nation’s eight largest banks found that although the financial institutions are making progress, “there is still […]
  • Joey Pizzolato
  • August 20, 2019
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5 strategies to beef up cybersecurity

As financial institutions turn to digital infrastructure for scalability and data processing, the need for a robust cybersecurity framework is more vital than ever. However, defending against a pervasive and hidden threat can be challenging. “Too often we have a narrow definition of cybersecurity,” said Bill DeLong, Security National Automotive Acceptance Co.‘s senior vice president […]
  • Bianca Chan
  • August 20, 2019
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Startup lender reveals strategy to disrupt auto finance

How do you measure risk for consumers without long credit histories in the U.S.? That’s the question Amitay Kalmar confronted when he founded Boston-based Lendbuzz in 2016. Three years later, Lendbuzz is carving out a share of potential auto loan customers by leveraging machine learning and data analytics. The startup lender targets foreign-born residents, such […]
  • Bianca Chan
  • August 19, 2019
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Court decision muddles proposed FDCPA rule

A ruling from the Seventh Circuit Court of Appeals could complicate the Consumer Financial Protection Bureau’s proposed guidelines for the Fair Debt Collection Practices Act as it relates to electronic validation notices, Chris Willis, a partner at Ballard Spahr LLP, told Auto Finance Excellence. “[The decision] is throwing a fly in the CFPB’s ointment for […]
  • Joey Pizzolato
  • August 16, 2019
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5 lessons to learn from software vendor data breach

According to a June 12 settlement announced by the Federal Trade Commission, back in 2015 an employee of Iowa-based LightYear Dealer Technologies, the parent company of DealerBuilt, plugged a storage device into the company’s backup network to increase storage capacity. However, the employee failed to ensure that the device was securely configured, thereby providing an […]
  • Drew Patty
  • August 9, 2019
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How to leverage data and analytics to enhance the customer journey

It’s no exaggeration that the data revolution has transformed just about every industry. How data can be analyzed and used to improve business outcomes is virtually limitless. Properly harnessed, data can help find and rate new opportunities, streamline workflows, identify and reduce risk, predict future trends, and enhance employee engagement. Another big opportunity is improving […]
  • Mark Baltuska
  • August 7, 2019
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5 Questions With… Daniel Chu of Tricolor

Five Questions With is a monthly Q&A segment on AutoFinanceExcellence.org that offers a glimpse of what senior industry executives are thinking about outside the boardroom. Read on to find out. Having founded six companies over the past 25 years — including two which have gone public — Daniel Chu considers himself a serial entrepreneur. Now, […]
  • Bianca Chan
  • August 5, 2019
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What Capital One’s data breach means for auto finance

In the wake of Capital One Financial’s data breach, auto lenders should evaluate ways to tighten up cybersecurity and identify points of vulnerability. The breach compromised 140,000 Social Security Numbers, and 80,000 bank account numbers were made available, according to the bank’s response to the breach. However, the impact might be “somewhat contained,” said Brian Landau, senior vice president […]
  • Nicole Casperson
  • July 30, 2019
  • 0
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