PITTSBURGH — Citizens Financial Group last week said it will cease to originate indirect auto loans as of July 1, joining a growing group of banks who have stopped the practice.
But the trend isn’t exactly recent. Nor was Pittsburgh untouched.
KeyBank announced during its third-quarter 2020 earnings call that it was discontinuing indirect auto lending.
“I think banks in general are going to be a little tighter with their lending now,” observed Robert Wagner, managing principal at Three Rivers Fund Advisors. Wagner tracks community banks. “The banking industry certainly has the capital to lend, but given recent developments, banks are expecting higher regulatory scrutiny and higher levels of capital requirements. So they’re going to be a little more suspect of certain loan categories.”
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