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
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
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.
August 6, 2015
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.
July 14, 2015
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.
February 24, 2015
On the same day the U.S. Department of the Treasury sold the last of its remaining 54.9 million shares of Ally common stock, Ally Financial revealed that it has received a subpoena from the Department of Justice related to subprime auto lending.
December 19, 2014
Seven financial organizations issued a letter to the U.S. House of Representatives on May 29 in support of an amendment to an appropriations bill that would limit Justice Department litigation relying on the disparate impact theory of discrimination.
June 9, 2014