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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
media brand
The secure and easy all-access connection to your content.
Bookmarked content can then be accessed anytime on all of your logged in devices!
Already a member? Log In