Bill Katafias, a longtime retail credit executive for Wells Fargo Dealer Services, has joined CRB Auto as its new CEO. He succeeds Scott Raymer, who previously announced his resignation from his CEO post to pursue other opportunities.
Reynolds and Reynolds has completed its acquisition of Wolters Kluwer’s indirect loan origination solutions for around $36 million in cash. As part of the acquisition, Reynolds gets Wolters Kluwer’s AppOne software, risk mitigation services and bankers systems.
The Office of the Comptroller of the Currency has once against expressed concern about rising credit risks in the auto finance arena, noting that underwriting standards for both direct and indirect auto loans have begun to decline due to increased competition.
According to the American Bankers Association, indirect auto loan delinquencies were one of the categories to show a decrease, while delinquencies in the direct auto loan space showed an increase.
The bank named Tom Wirth auto finance product and strategy director. The 25-year auto finance veteran will be tasked with helping the bank’s continued expansion in the indirect auto finance channel.
The bureau is seeking to ban pre-dispute arbitration clauses that block class action lawsuits. The proposals under consideration would allow companies to use arbitration for individual disputes, but would require those companies to submit to the CFPB the arbitration claims filed and awards issued.
A new report from Bank Director showed that today’s Baby Boomer- and Gen X-run banks are still trying to figure out the next big generation of consumers.
The new location represents Wells Fargo Dealers Services’ 56th Regional Business Center. It’s also the first of two new offices the company plans to open in 2015.
On the same day The Wall Street Journal published an op-ed piece critical of the CFPB’s targeting of the indirect auto finance channel, a bipartisan bill was introduced that aims to repeal the bureau’s guidance on dealer participation.
Earlier this month, Evergreen Bank Group issued a statement about its decision to move to a flat fee pricing model. The move was in response to a low FDIC rating and alleged violations of the ECOA.
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