New Portland Trail Blazers Owner Played Key Role at Company Oregon Accused of Predatory Lending

Portland Trail Blazers incoming owner Tom Dundon, while CEO of Santander Consumer USA, pushed the company in 2013 to waive proof-of-income requirements for car loans—a practice Oregon regulators later cited as "predatory" in a 2020 settlement. Internal emails show Dundon directed senior employees to market the waived income verification to dealerships, even as the company's chief risk officer flagged potential federal law violations. Oregon Gov. Tina Kotek is preparing to sign a $365 million public funding bill for the Blazers' arena renovation without publicly addressing the state's prior investigation into Dundon's lending practices. Dundon, whose purchase of the Trail Blazers closes March 31, did not answer questions about the newly obtained records and declined comment until after that date. State Attorney General Dan Rayfield noted that proof-of-income requirements protect borrowers and said guardrails matter, particularly as his office investigates another auto lender, Exeter Finance, where Dundon serves as board chairman.