article thumbnail

Credit unions continue to see growth in auto lending

Abrigo

Overall auto lending at credit unions is up more than 30 percent in recent years, a positive sign that CUs remain competitive in an evolving banking landscape. Utilizing the Sageworks Bank Information platform, Sageworks recently examined how steadily auto lending at credit unions – specifically for new vehicles – grew in 2014.

Lending 150
article thumbnail

CA DFPI issues modifications to proposed regulations to implement 2018 law requiring consumer-like disclosures for commercial financing

CFPB Monitor

SB 1235, codified at CA Financial Code (Code) sections 22800-22805, requires a “provider,” meaning a person who extends a specific offer of “commercial financing” as defined in Code section 22800(d) to a recipient, to give the recipient certain disclosures at the time the provider extends the offer. Signature requirements.

CA 78
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

CA on the verge of requiring commercial finance disclosures

CFPB Monitor

Notably, the new disclosure requirements would apply to sponsors of bank-model lending programs in addition to companies directly extending certain forms of commercial credit pursuant to California Finance Lender licenses. ” This would appear to include commercial credit cards but not commercial sales finance contracts.

CA 60
article thumbnail

CA regulator proposes regulations to implement new law requiring consumer-like disclosures for commercial financing

CFPB Monitor

The law contains exemptions and carve-outs for, among other things, depository institutions, financings of more than $500,000, closed-end loans with a principal amount of less than $5,000, and transactions secured by real property. General asset-based lending transaction disclosure formatting. Factoring disclosure formatting.

article thumbnail

California DFPI issues final regulations implementing 2018 law requiring consumer-like disclosures for commercial financing

CFPB Monitor

SB 1235, codified at CA Financial Code (Code) sections 22800-22805, requires a “provider,” meaning a person who extends a specific offer of “commercial financing” as defined in Code section 22800(d) to a recipient, to give the recipient certain disclosures at the time the provider extends the offer.

article thumbnail

CA appellate court rules bail bond premium financing agreements are consumer credit contracts subject to cosigner notice requirement

CFPB Monitor

Most significantly, it means that other consumer protection requirements applicable to consumer credit are potentially applicable to the Premium Agreements such as state usury laws and federal and state disclosure and fair lending laws. Bail-related agreements are also the subject of a CFPB enforcement action filed in February 2021.

CA 78
article thumbnail

California Looks To Revoke Wells Fargo Insurance License

PYMNTS

We have been cooperating with the CA Department of Insurance (DOI) over the course of this year.” The regulator contends Wells Fargo failed multiple times to fix the problems with its auto insurance and mortgage lending units, as well as its other business lines. The OCC gave the bank until Nov. 24 to respond.