The settlement is the department’s third largest fair lending agreement and largest ever auto lending agreement.
General Motors is said to be set to sell its stake in Ally Financial, which is majority owned by U.S. taxpayers, Bloomberg reports.
With its recent payment, the auto finance source has now returned more than 70 percent of the government’s $17.2 billion investment.
iPhone and Android users who do business with Ally can now view payment information, submit or schedule a payment and more with the new Ally Auto Mobile Pay app.
CFPB Director Richard Cordray responded Monday to lawmaker demands for information on the bureau’s investigation of the indirect financing channel. The director delivered his response a day before Ally revealed in a filing with the SEC that it may be facing ECOA violations.
A U.S. bankruptcy judge accused Ally Financial of sending confusing letters to bankrupt customers that demanded payments on debts they no longer owed. Ally was ordered to pay $11,000 to a recipient of such a letter.
Ally Financial has named the nominees for this year’s TIME Dealer of the Year. The winner will be announced during January's NADA Convention & Expo in New Orleans.
Nearly 65 percent of dealers surveyed by Ally Financial and the NADA have increased donations and volunteerism this year.
The company’s current corporate treasurer, Christopher Halmy, will step into the role in November, as CFO James Mackey leaves to pursue other opportunities.
Ally Financial announced Tuesday in a filing with the SEC that it will explore alternatives to repay the Treasury for its $17.2 billion bailouts, according to The Detroit News. Ally must reach a payment agreement with the Feds before it can go forth with its planned IPO.
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