A large majority of banks provide small dollar loans effectively (with low charge-offs) and have the capacity to expand their small dollar lending, were market and regulatory conditions to allow for it, according to an ABA survey of senior bank officers.
Browsing: Auto lending
Citing the economic outlook, bankers are showing signs of tightening credit for business loans while they continued to ease credit standards slightly in their home mortgage and consumer loan portfolios, according to the Federal Reserve’s latest senior loan officer survey released today.
Recent trends, from the drop in oil prices to changes in the auto loan market, underscore the importance of risk management fundamentals.
Comptroller of the Currency Tom Curry in a speech today expressed concern about growing credit risk in auto loans, noting relaxed underwriting standards and the fact that 30 percent of new vehicle loans now have maturities of more than six years. “What is happening in this space today reminds me of what happened in mortgage-backed
General Motors’ $750 discount for credit union members buying a new Chevrolet, Buick or GMC car should be extended to bank customers as well, incoming ABA president and CEO Rob Nichols said in a letter to GM CEO Mary Barra today.
The Consumer Financial Protection Bureau yesterday finalized a rule allowing it to supervise nonbank auto finance companies, giving the bureau more comprehensive oversight over the auto lending market.
The Consumer Financial Protection Bureau released its third annual report on fair lending.