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Consumers Grow Less Satisfied with Banks

Monday, 16 October 2017 00:15

The CFI Group’s Bank Satisfaction Barometer (BSB) is 79, dropping 3 points from 82 in 2016. The BSB is calculated based on feedback from 493 consumers who have a current financial relationship with a bank.
CFI Group conducts this annual survey of current bank customers to help banks assess customer trends and design customer-centric approaches to growth.
CFI recommends that as customers connect to a web of financial tools, banks should pursue innovation on account management tools that allow customers to easily oversee their network of financial connections.

RMS Partners with Peugeot

Tuesday, 10 October 2017 19:31

RMS Automotive enhanced the dealer web portal for long-time partner and client PSA Groupe.
Earlier in 2017, RMS Automotive and PSA Groupe jointly launched a user satisfaction research study to its dealer audience. Based on the findings from this research, RMS Automotive and PSA Groupe implemented major changes to the dealer portal that would optimize the customer experience.

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Credit Acceptance Named as Great Female Workplace

Monday, 09 October 2017 20:22

Credit Acceptance Corp. has been recognized by Great Place to Work and Fortune as one of the 100 Best Workplaces for Women.
Great Place to Work selected companies for this list by analyzing how women rated their organizations on over 50 different metrics defining great workplaces, including ethical leadership, respectful and fair workplace interactions, great benefits and development, and strong caring and personal support. 
The 100 Best Workplaces for Women ranking is one of a series of rankings by Great Place to Work and Fortune based upon team member feedback received from the annual Great Place to Work survey.

Finance Companies Pay for Service member Repos

Monday, 09 October 2017 00:44

The Justice Department announced that Westlake Services LLC and its subsidiary, Wilshire Consumer Capital LLC, have agreed to pay $760,788 to resolve allegations that the companies violated the Service Members Civil Relief Act (SCRA) by repossessing 70 vehicles owned by SCRA-protected service members without first obtaining the required court orders. 
Both companies target junior enlisted service members for their loans and products.  During its investigation, the department found that Westlake and Wilshire had failed to adopt policies and procedures necessary to ensure that their motor vehicle repossessions complied with the SCRA. 
The agreement requires Westlake and Wilshire to provide $10,000 in compensation to each of the 70 affected service members, plus any lost equity in the vehicle with interest. 
Westlake and Wilshire also must repair the credit of all affected service members, pay a $60,788 civil penalty to the United States and determine, in the future, whether any vehicle it is planning to repossess is owned by an SCRA-protected service member.  If so, Westlake and Wilshire will not repossess the vehicle without first obtaining a court order or valid waiver of SCRA rights. 
The agreement also contains provisions ensuring that all eligible service members will receive the benefit of the  SCRA’s six percent interest rate cap on their auto loans. 
 The agreement resolves the DOJ’s claims and the complaint will be dismissed once Westlake and Wilshire deposit the funds required by the settlement agreement into an escrow account and pay the civil penalty to the United States.  Westlake and Wilshire will contact service members to be compensated through this settlement in the upcoming months.  They will locate victims and distribute payments at no cost to service members.
This matter came to the department’s attention in 2016, when the Consumer Financial Protection Bureau’s Office of Service Member Affairs notified the department that it had received a complaint that Westlake and Wilshire were conducting motor vehicle repossessions in violation of the SCRA.