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Banks and Credit Unions

Fed Triggers Third Interest Rate Cut of 2019

The Federal Reserve announced a quarter-point interest rate reduction yesterday, its third such move this year. The target federal funds rate now stand at 1.5% after starting the year at 2.25%.

Black Book Offers Vehicle Verification to Lenders

Black Book will begin offering vehicle verification information to automotive lenders to help reduce misrepresentation about a vehicle's trim and equipped options, the valuation firm announced.

Auto Loan Interest Rates Hit 10-Year High

The annual percentage rate on new financed vehicles is expected to average 6.36% in March, compared to 5.66% last year and 4.44% five years ago, according to the latest report from Edmunds.

Embattled Wells Fargo Chief Steps Down

Tim Sloan, president and CEO of Wells Fargo & Co., will retire June 30, the bank announced. General Counsel Allen Parker will serve as interim chief executive while the search for a new leader is conducted.

Auto Loans Reach $1.14 Trillion

Average monthly payments for new-vehicle purchases ($530), new-vehicle leases ($430), and used vehicles ($381) all reached new highs, growing by 4% to 6% year-over-year. Auto loans now account for a full 8% of all outstanding consumer debt — up from 6% just a decade ago.