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INDUSTRY UPDATE
The China Banking Regulatory Commission (CBRC) granted permission to DaimlerChrysler Financial Services to establish a financing company in China. The new company, DaimlerChrysler Auto Finance (China) Ltd., will be the first captive financing company in China to offer a broad product portfolio of dealer and customer financing, insurance services for passenger cars and financial services for commercial vehicles.
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The GAO has released a report entitled Industrial Loan Corporations, Recent Asset Growth and Commercial Interest Highlight Differences in Regulatory Authority. The report finds it "unusual that a limited ILC exemption would be the primary means for mixing banking and commerce on a broader scale." It also sees "merit in Congress more broadly considering the advantages and disadvantages of a greater mixing of banking and commerce."
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CIT Group Inc., a leading provider of commercial and consumer finance solutions, announced the appointment of J. Daryl MacLellan to the position of President, CIT Canada. Mr. MacLellan will be responsible for directing the continued expansion of the CIT financial offerings across multiple business lines as the company extends the full scope of its lending power, relationships and financial expertise in the growing Canadian market.
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The Citigroup Global Consumer Group announced a new organizational structure to leverage the strength of its global franchise, facilitate a more integrated approach to serving its customers and position the company to expand its record of superior financial performance. The organizational structure capitalizes on the deep bench of talent within the organization.
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Consumer Federation and Providian Financial release results of their annual survey.
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Option One Mortgage Corporation and Prado Mortgage announce the formation of a business partnership at the Hispanic Marketing Convention & Expo.
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DHI Computing Service, Inc. (DHI), a leading processor of agricultural, banking, and medical records, recently formed a new division, GOLDPoint Systems, to focus on industrial banks and consumer finance companies.
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