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
The CFPB finalized today its proposal to oversee nonbank auto finance companies. The finalized rule will take effect 60 days after publication in the Federal Register.
June 10, 2015
Three days after a bipartisan bill aimed at repealing the CFPB’s March 2013 dealer participation guidance was introduced, the House passed a second bill that would open the bureau’s committee meetings to Congress and the public.
April 16, 2015
The bank’s dealer services division responds to the reported cap the finance source has placed on subprime auto originations.
March 10, 2015
Installment loan delinquencies fell to a record low in the third quarter, with auto loans originated through auto dealers falling from 1.55% in the year-ago period to 1.51%
January 15, 2015
CUDL Credit Unions became the fourth largest lending segment in the first quarter, growing their origination count by 25.4%.
July 17, 2014