The CFPB and others believe alternative data could provide more credit to the unbanked. Small banks and credit unions, however, have lingering concerns about breaking from traditional underwriting.
While the courts have affirmed cities’ right to file predatory lending suits, they are also now holding them to a much higher standard in proving that banks knowingly steered minority borrowers into high-cost home loans.
The agency recently sent a letter to nine banks urging them to stop offering deferred interest cards, arguing that consumers are often unaware of the risks involved.
Large banks have scaled back lending as competition has intensified and credit unions and financing arms of car manufacturers are picking up the slack.
Despite the hype around self-driving cars and ride-hailing services, the automotive landscape remains much the same as ever. One thing that may be changing rapidly, however, is the way consumers buy their cars.
In the wake of allegations against subprime auto lender Santander Consumer, attendees of CU Direct’s DRIVE Conference discuss steps credit unions are taking to protect against fraud risks.
To capitalize on the current market environment, CUs need a solid auto-decisioning strategy in place to manage the increased volume of MBL applications while mitigating risk and delivering top-notch service to members.
The 'revolution' in auto financing, communication tips and the keys to member engagement were all topics of focus during the second day of CU Direct's annual DRIVE conference in Las Vegas.
