Collectors, Consumer Advocates Face Off on Debt Collection Rules at Town Hall Meeting

PHILADELPHIA — Subject matter experts representing debt collection agencies and consumer advocacy groups had split reactions on changes to the Fair Debt Collection Practices Act proposed by the Consumer Financial Protection Bureau on May 7. “Back [in 1977], phone booths were on almost every corner, and the ubiquity of cell phones was not even imaginable,” CFPB Director […]
  • Joey Pizzolato
  • May 9, 2019
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Information Security Questions Every Lender Should Answer [Podcast]

Stiffer regulatory oversight of information protection practices has spurred lenders to reevaluate the way they collect and use personally identifiable consumer data. For lenders to keep up with changing data security compliance requirements, senior executives should start with creating a culture of awareness. “Maturing [information security] programs come down to leadership,” Hyundai Capital America’s VP of […]
  • Nicole Casperson
  • May 6, 2019
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Consumer Advocates Call on Regulators to Clamp Down on Discriminatory Auto Lending

Consumer advocates proposed prohibiting dealer markups and increasing federal oversight to combat alleged discriminatory indirect lending practices, in a U.S. House Committee on Financial Services hearing Wednesday. “Many of the disparities we will discuss here today are only possible because the market for cars — especially car finance for used cars — is opaque and inconsistent,” said witness […]
  • Bianca Chan
  • May 2, 2019
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Five Questions With… Craig Harter of BMO Harris Bank

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. BMO Harris Bank‘s head of U.S. indirect lending Craig Harter takes the lessons learned from his 25-year auto finance tenure and his upbringing to keep him […]
  • Bianca Chan
  • April 30, 2019
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Bureau Adopts AFSA Suggestions to Improve Vague Investigative Process

This week, the Consumer Financial Protection Bureau (CFPB) announced changes to its policy regarding Civil Investigation Demands (CIDs). The changes are intended to provide more information to the subject of the CID.AFSA has long advocated that the Bureau’s CIDs be more specific. Last April, in response to one of the Bureau’s several requests for information, […]
  • American Financial Services Association
  • April 26, 2019
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Chase Exec Outlines the Intersection Between Women, Marketing, and Auto Finance [Podcast]

Successful marketing hinges on knowing what consumers want — and part of that is knowing who your customers are. Women consumers are responsible for 65% of new-vehicle purchases and service work done at dealerships, Chase Auto Chief Marketing Officer Melinda Welsh noted in a recent blog post. As the number of females at the consumer […]
  • Bianca Chan
  • April 24, 2019
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How Lenders Can Strengthen Dealer Relations With Technology

Restrained auto sales growth, millennial reluctance regarding vehicle ownership, and ridesharing are changing demand and increasing competition. Savvy lenders are adapting to these trends with technology while establishing and solidifying dealer relationships to generate lending opportunities. Two types of technology are especially important for solid dealer relations. No. 1 is integration with dealer management systems, […]
  • Lana Johnson
  • April 22, 2019
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Navy Federal to Strengthen Mobile App as Consumer Preference Evolves

Navy Federal Credit Union is looking to bolster its digital presence as members increasingly turn to online channels to finalize the vehicle finance process, company Consumer Lending Product Strategist Jennifer Felts told Auto Finance Excellence. In the first quarter of 2019, more auto loan applications came in via the credit union’s digital channels than its […]
  • Bianca Chan
  • April 19, 2019
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Navy Federal Reinforces Customer Service with Tech

The intersection of customer service and technology is top of mind for Navy Federal Credit Union this year, with enhancements to electronic signatures, mobile applications, and digital portals, said Vice President of Consumer Lending Joseph Pendergast. With 18,000 employees worldwide and more than 8 million members within all branches of the armed forces — including […]
  • Bianca Chan
  • April 17, 2019
  • 0
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