With current CFO Chris Halmy set to retire on March 1, 2018, Ally Financial today announced that Jenn LaClair is joining the company as CFO designate, with the intent that she will be appointed to succeed Ally's retiring CFO.
The captive named Scott Cooks group vice president and chief risk officer and Cindy Wang group vice president of treasury.
Subprime financing fell to its lowest point since 2012, while prime grabbed the lion’s share of the auto finance space in the third quarter. Even the used-vehicle market has gone prime, with buyers outside of prime accounting for just a third of the market.
The Government Accountability Office said on Tuesday that the bureau’s March 2013 bulletin on dealer participation falls under the Congressional Review Act, a decision that clears the way for the Republican-controlled Congress to repeal the bureau’s controversial guidance.
Rich Porrello has served as managing director of the bank’s auto finance organization since 2010, overseeing 180 associates serving nearly 4,500 dealerships across 23 states in the Midwest and New England. He retains those duties while assuming oversight of the business unit’s business strategy.
RouteOne officials said the availability of finance sources like Exeter has led to notable growth in the tech firm’s noncaptive econtracting share, which has more than doubled every year since 2014.
Sen. Chris Dodd and former Rep. Barney Frank say the CFPB-creating law bearing their names does not fall under the purview of the Federal Vacancies Reform Act. They joined other Democrats and activists last week in announcing plans to challenge a federal judge's ruling that denied a CFPB official's attempt to block President Trump’s interim director appointee.
The bank’s announcement comes seven months after it rolled out a new strategy designed to increase earnings predictability. The company’s chief executive said the bank’s decision was based on a less favorable financial outlook for the indirect auto origination business.
For the fourth consecutive quarter, auto loan originations in the second quarter decreased on a year-over-year basis. Much of that decline was driven a 5.9% decrease in subprime, nearprime, and prime loan originations.
According to media reports, Franklin Codel, the bank’s head of consumer lending, was fired after making disparaging comments about a bank regulator to a fired employee, who reported the executive’s comments to bank officials.
