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May 30, 2017 - Industry News

Feds Sue Fiat-Chrysler Over Diesels

Photo of Ram 1500 EcoDiesel by Vince Taroc

The Department of Justice filed the complaint on May 23, claiming FCA installed the software in 104,000 diesel Ram 1500 and Jeep Grand Cherokee vehicles. The filing comes days after FCA submitted a proposed software modification to resolve the issue.

Tags: Department of Justice, Diesel, emissions, Fiat Chrysler

February 23, 2017 - Industry News

Georgia Man Pleads Guilty to Odometer Fraud

A Georgia businessman this week pleaded guilty to operating an odometer fraud scheme that revolved around buying later-model cars at auction, tampering with the odometer reading, and then selling the cars at inflated prices, the U.S. Department of Justice announced.

Tags: compliance, Department of Justice, Odometer Fraud

September 29, 2016 - Industry News

Wells Fargo Dealer Services to Pay $4.1 million for SCRA Violations

Wells Fargo Dealer Services has agreed to pay more than $4.1 million to settle charges that it violated the Servicemembers Civil Relief Act (SCRA) when it repossessed 413 vehicles owned by protected servicemembers without obtaining a court order, the U.S. Department of Justice (DOJ) announced on Friday.

Tags: Department of Justice, SCRA, Settlement, Violations, Wells Fargo

August 11, 2016 - Industry News

HSBC to Pay $434,500 for SCRA Violations

The Justice Department announced that HSBC Finance Corp. has agreed to pay $434,500 to settle charges that its vehicle repossession practices violated the Servicemembers Civil Relief Act (SCRA).

Tags: Department of Justice, HSBC, Repossessions, Santander Consumer USA, Settlement

May 9, 2016 - Industry News

Georgia Dealer, State Employee Arrested for Odometer Fraud

The dealer and state employee were charged with devising a scheme to buy high-mileage vehicles in nearby states, roll back their odometers, and then resell them in Georgia. They now face up to 10 years in prison if convicted.

Tags: Department of Justice, Georgia, Odometer Fraud, Tampering

February 3, 2016 - Industry News

Toyota Motor Credit Agrees to Lower Markup Caps to Settle CFPB Allegations

The three-year standoff between Toyota Motor Credit, the Justice Department and the CFPB is over, with the captive agreeing to pay up to $21.9 million in restitution to minority borrowers the regulators allege were overcharged on their auto loans. The captive also agreed to lower its dealer markup caps.

Tags: Auto Loans, CFPB, Consumer Financial Protection Bureau, dealer markups, dealer participation, Department of Justice, pricing discrimination, rate markup, Toyota Motor Credit Corp

January 5, 2016 - Industry News

Justice Department Files Civil Complaint Against Volkswagen

The complaint was filed on Monday and alleges that nearly 600,000 diesel engine vehicles were equipped with illegal devices designed to cheat emissions testing.

Tags: Civil Complaint, Department of Justice, Violations, Volkswagen

October 1, 2015 - Industry News

Cox Completes Acquisition of Dealertrack

Dealertrack unloaded its inventory management solution today, clearing the way for Cox Automotive to complete its acquisition of the software maker. The announcement comes a day after the Justice Department challenged the merger between the two software giants.

Tags: Cox Automotive, DealerSocket, Dealertrack, Department of Justice

September 30, 2015 - Industry News

Cox Must Divest Dealertrack's Inventory Management Solution, DOJ Says

The Department of Justice filed a civil antitrust lawsuit this week to block Cox Automotive’s acquisition of Dealertrack. The regulator said Cox must divest Dealertrack’s inventory management solution business in order to move forward with the transaction.

Tags: antitrust, Cox Automotive, DealerSocket, Dealertrack, Department of Justice, Inventory Management, monopoly

September 29, 2015 - Industry News

Fifth Third Bank to Cap Dealer Markups

The CFPB and DOJ announced two actions against Fifth Third Bank on Monday, one of which requires the finance source to pay $18 million in restitution to minority auto loan borrowers, as well as limit its dealer partners’ ability to markup interest rates on auto loans.

Tags: Auto Lending, CFPB, Consumer Financial Protection Bureau, Deceptive Advertising, Department of Justice, discrimination, Fifth Third, Fifth Third Bank

September 17, 2015 - Industry News

FTC Fines Texas Dealer’s Financing Arm $82,000

The loan-servicing arm of Texas-based auto dealer Tricolor Auto Group will pay $82,777 in civil penalties as part of a settlement to address the FTC’s claims that it violated the Fair Credit Reporting Act’s Furnisher Rule.

Tags: buy-here, Department of Justice, Fair Credit Reporting Act, Federal Trade Commission, pay-here, Settlement

August 11, 2015 - Industry News

CFPB Says Santander Violated Fair Lending Laws

The CFPB has notified the Department of Justice that Santander Consumer USA’s auto lending practices have allegedly violated fair lending laws, according to a regulatory filing.

Tags: Auto Lending, CFPB, Consumer Financial Protection Bureau, Department of Justice, discrimination, DOJ, rate markup, Santander Consumer USA

August 11, 2015 - Industry News

Compliance, CFPB to Take Center Stage at Industry Summit

Industry Summit 2015 will feature three workshops and two panel discussions that will address the current regulatory climate, provide a review of the current rules and regulations, and provide practical tips on how F&I managers can make compliance work for them.

Tags: Andy Koblenz, CFPB, compliance, Department of Justice, Industry Summit, NADA

August 6, 2015 - Industry News

CFPB Urges Fifth Third Bank to Cap Dealer Markup

Source: Flickr

The Wall Street Journal reported this week that the CFPB is urging Fifth Third Bank to cap dealer markup as part of a potential settlement with the regulator.

Tags: Auto Lending, CFPB, Consumer Financial Protection Bureau, Department of Justice, discrimination, DOJ, Fifth Third Bank, Honda Financial Services, rate markup, Settlement

July 23, 2015 - Industry News

AutoNation’s Jackson Urges Other Lenders to Follow Honda Financial’s Lead

The group’s chief executive reiterated his support for Honda Financial’s new dealer markup caps. He said the policy should serve as a template for the rest of the auto finance industry.

Tags: AutoNation, captive finance, CFPB, Consumer Financial Protection Bureau, Department of Justice, F&I products, Mike Jackson, Quarterly Earnings, rate markup

July 14, 2015 - Industry News

CFPB, DOJ Reach $24M Settlement With Honda Finance

Just two weeks after American Banker reported that the CFPB was planning to cite three captive auto finance companies for policies that allegedly caused minority car buyers to pay higher rates for auto loans, the bureau and the Department of Justice have announced a settlement with Honda Finance Corp.

Tags: American Honda Finance, CFPB, Consumer Financial Protection Bureau, Department of Justice, rate markup

July 1, 2015 - Industry News

CFPB Preparing to Cite Three Captives, American Banker Reports

According to proposed consent orders obtained by American Banker, Honda, Nissan and Toyota’s captive finance companies could soon be on the hook for dealer participation policies.

Tags: American Honda Finance, Auto Lending, captive finance, CFPB, Consumer Financial Protection Bureau, Department of Justice, discrimination, DOJ, Honda, Nissan, Nissan Motor Acceptance Corp., Toyota, Toyota Financial Services, Toyota Motor Credit Corp

June 23, 2015 - Industry News

CFPB: Consumers Will Soon Receive Ally Payout

A CFPB official disclosed in a June 15 blog post that the administrator of the Ally settlement fund has begun contacting and mailing checks to borrowers who were affected by Ally’s alleged discriminatory auto lending policies.

Tags: Ally Financial, Auto Lending, Consumer Financial Protection Bureau, Department of Justice, discrimination, Disparate Impact, fair lending, Regulations, Settlement

June 4, 2015 - Industry News

House Votes to Eliminate DOJ’s Use of Disparate Impact

The House passed an amendment Wednesday that would bar the Department of Justice from using funds for litigation in which the regulator seeks to apply the disparate impact theory.

Tags: amendment, CFPB, Consumer Financial Protection Bureau, Department of Justice, Disparate Impact, legislation

April 14, 2015 - Industry News

CFPB Faces Mounting Criticism, New Bipartisan Bill

On the same day The Wall Street Journal published an op-ed piece critical of the CFPB’s targeting of the indirect auto finance channel, a bipartisan bill was introduced that aims to repeal the bureau’s guidance on dealer participation.

Tags: Ally Financial, CFPB, Congress, Consumer Financial Protection Bureau, Department of Justice, Indirect Lending, legislation, Richard Cordray

March 12, 2015 - Industry News

Manheim, Partners File MPS-Related Request With DOJ

Manheim and a number of industry partners have filed a request with the Department of Justice to determine whether the industry’s proposed multi-platform system is in compliance with antitrust laws.

Tags: antitrust, Auto Auctions, Department of Justice, Manheim

March 5, 2015 - Industry News

DOJ, N.Y. Regulator Subpoena Capital One

The finance source revealed in a regulatory filing last month that it has received a subpoena from the New York District Attorney’s Office and the Department of Justice regarding its subprime auto finance business.

Tags: Auto Lending, Capital One, Capital One Auto Finance, Department of Justice, subpoena, subprime

February 26, 2015 - Industry News

Santander Agrees to $9.35 Million DOJ Settlement

Santander has agreed to settle charges that it illegally repossessed more than a thousand cars it financed for active service members over a five-year period.

Tags: Debt Collection, Department of Justice, Santander, subprime

February 24, 2015 - Industry News

CPS CEO: Finance Source Ahead of the Compliance Curve

Consumer Portfolio Services CEO Charles Bradley laid out the lender’s compliance efforts during a quarterly earnings call last week. The finance source’s subprime lending activities are currently being investigated by Department of Justice.

Tags: CFPB, compliance, Consumer Financial Protection Bureau, Consumer Portfolio Services (CPS), Debt Collection, Department of Justice, Federal Trade Commission, FTC, Settlement

February 17, 2015 - Industry News

N.C. Dealerships Reach $225K Settlement in Predatory Loan Case

Two used-car dealerships and their owner reached a settlement this month with the Department of Justice and the state attorney general. The settlement resolves a lawsuit that alleged the dealerships charged African American buyers more for loans and repossessed vehicles without reasonable notice.

Tags: Attorney General, Department of Justice, discrimination, fair lending, GPS devices, Lawsuit, North Carolina, Repossessions

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