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Results: 57

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.

February 3, 2016

House Republicans Ask Attorney General to Halt Ally Settlement Payouts

Republican member of the House Financial Services Committee have once again release internal CFPB documents. This time, the documents show that some settlement checks being dispersed as part of the bureau’s $98 million settlement with Ally Financial and Ally Bank have been going to white borrowers.

January 21, 2016

CFPB: BHPH Dealer to Pay $800,000 for Abusive Financing Practices

The Consumer Financial Protection Bureau has taken action against Herbies Auto Sales for abusive financing schemes, hiding auto finance charges and misleading consumers. The buy-here, pay-here operation was ordered to pay $700,000 in restitution and a civil penalty of $100,000.

January 21, 2016

BMO Completes Acquisition of GE's Transportation Finance Business

CFPB Releases Fall 2015 Rulemaking Agenda

The Consumer Financial Protection Bureau recently released its fall 2015 rulemaking agenda. In it, the CFPB outlined its list of current initiatives that would help it govern consumer finance markets, including the auto finance industry.

November 24, 2015

NADA Files Second Request for Internal CFPB Documents

The NADA has filed a second Freedom of Information Act request for internal CFPB documents that allegedly show the bureau intended to regulate the auto finance market through enforcement action. An earlier request was denied.

October 8, 2015

Fifth Third Bank to Cap Dealer Markups

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.

September 29, 2015

NADA Expands Effort to Protect Dealer-Assisted Financing

As part of a new initiative to preserve the indirect financing channel, the National Automobile Dealers Association has created a new website and a video including testimonials from real consumers who benefited from receiving financing through a dealership.

September 17, 2015

CFPB Says Santander Violated Fair Lending Laws

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.

August 11, 2015

CFPB Urges Fifth Third Bank to Cap Dealer Markup

Penske: Honda Rate Cap Provides ‘Workable Framework’

This week, Penske Automotive’s chairman said that Honda Financial Corp’s new markup cap will still allow dealers to be fairly compensated. He also noted that the dealer group has had markup caps in place for years.

July 30, 2015

NADA Still Pushing For CFPB Transparency

One day after the CFPB rejected its Freedom of Information Act request to release an internal memo that proves the bureau is targeting dealers, the NADA urged members of the U.S. House Financial Services Committee to pass a bill that would repeal the bureau’s auto lending guidance.

July 28, 2015