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INDUSTRY UPDATE
CIT Group Inc. announced on February 6 that it has partnered with MicroBilt Corporation, to create commercial lending and leasing referral programs for credit unions. The programs will feature Small Business Administration (SBA) loans from CIT Small Business Lending, the nation's #1 SBA lender, and equipment financing options through CIT Office & Technology Finance, a unit of CIT Vendor Finance.
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The Federal Reserve Board has appointed Faith Arnold Schwartz to a three-year term on its Consumer Advisory Council. Schwartz is senior vice president, Government, Housing and Industry Relations for Option One Mortgage Corporation, a national residential lender and subsidiary of H&R Block Inc. In her role, Schwartz is responsible for public policy and relationships with legislators, lenders, non-profits, consumer advocacy groups, as well as housing, regulatory, and trade organizations.
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American Express and GE Consumer Finance announced on January 17 that GE Consumer Finance will issue American Express-branded credit cards in the United States. The first product to be offered under the new agreement will be a Dillard's American Express card, with more American Express co-brand cards expected to follow.
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A new survey by Americans Well-Informed on Automobile Retailing Economics (AWARE) reveals that more than 7 out of 10 consumers do not do check their personal credit score or compare financing options before heading to the showroom.
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