Monthly Archives October 2015

CFPB Wants to Eliminate “Free Pass” of Class-Action Waivers in Consumer …

The Consumer Financial Protection Bureau (CFPB) announced Oct. 7th that it is going forward with a proposal to bar companies from enforcing mandatory consumer arbitration class-action waivers until after class-action certification is denied or the litigation is dismissed. This approach of favoring litigation over arbitration follows the CFPB’s 700-page study and report to Congress released last […]

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RBC2 Encourages More Auto Lending

In an Oct. 16 article, Capital Concerns Weigh on RBC2, CU Times quoted David Giesen, a managing director at Navigant Capital Advisors, as talking about risk weights prior to the final approval of the NCUAs new risk-based capital rule and includes this statement: Auto loans, which currently are in about 6.5% under the current standard, […]

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Nicola Horlick: A Road Less Traveled in Finance

Thirty-two years after starting her career in London, Nicola Horlick is still often the only woman in the room. Although she notes that is not a lot of progress, it has never fazed her. Nicola, once called London’s Superwoman, attributes her can-do attitude to a supportive father who told her she could do anything she […]

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Pacific City Financial Corporation Declares Cash Dividend

LOS ANGELES–(BUSINESS WIRE)–Pacific City Financial Corporation (OTC Pink: PFCF), the holding company of Pacific City Bank, today announced that its Board of Directors of the Company declared a cash dividend on its common share of $0.03 per share. The dividend will be paid on or about December 10, 2015, to shareholders of record as of […]

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Industry fine-tunes credit measures to avoid subprime risk

The idea of a subprime auto loan bubble still hasnt popped with everyone. Thomas Curry, comptroller of the currency, made that clear last week in remarks to the Exchequer Club, a group of professionals from trade associations, federal regulatory agencies, law firms, congressional committees and the national press in Washington. Curry, echoing other finance industry […]

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2 trends reinforced in Fifth Third action with CFPB

To recap as part of its $18 million penalty in the auto space, the CFPB and Department of Justice ordered Fifth Third Bank to substantially reduce or eliminate entirely dealer discretion. Fifth Third Bank will reduce dealer discretion to mark up the interest rate to only 1.25 percent above the buy rate for auto loans […]

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