Blazers’ Tom Dundon Played Key Role in Loan Practices That Drew Scrutiny
ProPublica • • sports
Key Points:
- Oregon Governor Tina Kotek is close to approving hundreds of millions in taxpayer funds to renovate the Portland Trail Blazers’ arena to keep the NBA team from relocating under new owner Tom Dundon.
- Documents obtained by Oregon Public Broadcasting and ProPublica reveal that Dundon, as CEO of Santander Consumer USA, pushed a 2013 policy waiving proof of income requirements on car loans, a practice later deemed predatory by regulators.
- Oregon’s 2020 settlement with Santander Consumer, which included a $550 million payout, followed allegations that the company issued loans likely to default, harming consumers who were misled about loan terms.
- Despite internal compliance concerns, Dundon’s strategy prioritized profit over borrower protections, leading to increased loan defaults; this history has raised criticism amid public funding negotiations for the Blazers’ arena.
- Lawmakers approved $365 million in public funds for the arena renovation, with total public backing reaching $870 million, prompting calls for stronger taxpayer protections given Dundon’s controversial business background.
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