Links in “Lending”
- How One Big Bank Plans to Increase Lending to Hispanic Households by $125 Billion
Wells Fargo has rolled out a plan to originate $125 billion in loans to Hispanic borrowers over the next decade through $10 million in financial education and counseling, increasing the number of Hispanic lenders, developing products and services to meet the needs of Hispanic borrowers, and working with the National Association of Hispanic Real Estate Professionals. [9/16/15]
- A Penny for Your Thoughts?
NASCUS supports NCUAâs proposed member business lending rule⦠with a few modifications. NASCUS made several recommendations to the NCUA regarding this rule, some of the recommendations included requiring a written commercial loan policy from all credit unions and recognition of privately insured credit unions. [9/10/15]
- Some Schools Not Fans of Proposed Student Borrowing Limits
Legislation would limit student borrowing to $30,000 a year, with an overall cap of $150,000. Some schools are not fans of the proposed limits. [9/8/15]
- Uber = Uber Bad News for Taxi Medallion Lenders
Four New York City taxi medallion lenders foresee widespread foreclosures in the face of competition from Uber unless there is injunctive relief soon. [9/8/15]
- CFPB Focus on Auto Lenders Could Cause Higher Loan Prices
According to the Wall Street Journal, American Honda Finance Company, a unit of Honda Motor Company, recently reached a settlement with the CFPB and the Justice Department over discriminatory loan practices. Following the settlement, Honda lowered one portion of its loansâ interest rates, but then raised the price of another component. Similar overhauls may be expected from other major auto lenders. [9/2/15]
- GM Puts Brakes on CU Discount Program
After almost seven years, GM has announced that it is ending the credit union member discount program that generated 400,000 new credit union loans worth $9.2 billion. An increase in sales had led GM and other auto makers to discontinue other incentive programs as well. [9/2/15]
- Paradox: Student Borrowers Who Owe the Most Least Likely to Default
Why? Because the biggest student borrowers tend to become the highest earners. Median debt for lawyers is $141,000 and for doctors is $162,000. [9/2/15]
- What the End of Marketing Service Agreements Means to Your Bank
As MSAs go away, loan officers are no longer obligated to recommend a partner, meaning they will have to more aggressively compete on their skill and service to win referral business. [9/1/15]
- ABA to NCUA on Member Business Loan Proposal: Bad Idea
ABA is all for reducing regulatory burdens, but when it comes to the NCUA's proposal to amend member business lending rules, ABA gives the NCUA the thumbs down, calling it "contrary to congressional intent to limit business lending activities by the credit union industry." [8/31/15]
- PACE Loans Now Subordinate to First-Lien Mortgages
The Federal Housing Administration has announced that Property Assessed Clean Energy (PACE) loans are subordinate to first-lien mortgages, which will allow these borrowers to refinance their first mortgages more easily. The Pace loan program is designed to finance environmentally friendly upgrades. [8/28/15]
