The Unexpected Effects of a Shrinking Sedan Inventory

The butterfly effect is the idea that what seems like a small change in a system can lead to larger or even totally unexpected results. Today, the auto industry is experiencing an imbalance in inventory as a result of OEMs pulling back production on sedans to build more trucks and SUVs. How might the butterfly […]
  • Lynn Hess
  • April 15, 2019
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Customer Service Hinges on Personal Connections, Chase Exec Says

WASHINGTON, D.C. — Personal connections and leading with purpose are the cornerstones to helping “customers make the most of their money, so they can make the most of their lives,” Thasunda Brown Duckett, chief executive of consumer banking at JPMorgan Chase, said at CBA Live last week. Duckett, who previously served as chief executive of […]
  • Joey Pizzolato
  • April 12, 2019
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Minnesota Dept. of Commerce Issues Guidance Regarding Sales Finance Company License

On April 5, 2019, the Minnesota Department of Commerce (“Department”) issued guidance formalizing its position that a company that purchases retail installment contracts from Minnesota dealers must hold a sales finance company license, even if the company does not have a physical presence in Minnesota. Under the Minnesota Motor Vehicle Retail Installment Sales law, a […]
  • Kelly Lipinski
  • April 10, 2019
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Disparate Impact (Still) a Fair Lending Risk

Since the Consumer Financial Protection Bureau’s 2013 indirect automobile guidance was repealed last year, there have been no new public indirect automobile fair lending cases alleging disparate impact. However, fair lending risk still exists. The Equal Credit Opportunity Act and Regulation B remain. So, too, does the CFPB’s 2012 fair lending guidance endorsing disparate impact. […]
  • Brian Fink
  • April 8, 2019
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Five Questions With… Jim Murray of Western Funding

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. Jim Murray has led Western Funding Inc. since September 2017. He came to Las Vegas-based Western Funding with two decades of specialty finance experience in […]
  • Nicole Casperson
  • April 5, 2019
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Chase Auto Exec Highlights Missed Business Opportunity: Women

The consumer side of the auto industry is becoming more female-dominated, and a Chase Auto executive is calling for the industry’s labor force to catch up. In a blog post published last week, Chief Marketing Officer Melinda Welsh said, “Women consumers are responsible for 65% of new-vehicle purchases and service work done at dealerships.” Still, […]
  • Bianca Chan
  • April 1, 2019
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New Webinar Offers Tips for How Lenders Should Adapt to Digital Disruption

Digital disruptors have shaken up traditional auto finance, compelling lenders to adapt to the new paradigm or risk losing business. One critical decision for finance company executives involves determining which elements of the car-buying and -financing process are most effectively linked — and which should be kept separate. That’s the upshot from the latest webinar […]
  • Nicole Casperson
  • March 26, 2019
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AFSA Provides Input on Cybersecurity to Key Senate Committee

Last month, the Senate Committee on Banking, Housing and Urban Affairs asked for feedback on the consumer finance industry’s views on cybersecurity, especially the collection, use and protection of sensitive financial information. “Given the exponential growth and use of data, and corresponding data breaches, it is worth examining how the Fair Credit Reporting Act should work in […]
  • American Financial Services Association
  • March 21, 2019
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State Regulators Step Up to Post-Cordray Era Challenge

Much has been reported on changes at the Consumer Financial Protection Bureau after new leadership took the helm a little over a year ago. We have watched the evolution of the agency’s enforcement posture, the repeal of its 2013 indirect auto fair lending bulletin, and an overhaul to its rulemaking agenda. The auto finance industry […]
  • Kelly Lipinski
  • March 19, 2019
  • 0
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