According to proposed consent orders obtained by American Banker, Honda, Nissan and Toyota’s captive finance companies could soon be on the hook for dealer participation policies.
A CFPB official disclosed in a June 15 blog post that the administrator of the Ally settlement fund has begun contacting and mailing checks to borrowers who were affected by Ally’s alleged discriminatory auto lending policies.
The House passed an amendment Wednesday that would bar the Department of Justice from using funds for litigation in which the regulator seeks to apply the disparate impact theory.
On the same day The Wall Street Journal published an op-ed piece critical of the CFPB’s targeting of the indirect auto finance channel, a bipartisan bill was introduced that aims to repeal the bureau’s guidance on dealer participation.
Manheim and a number of industry partners have filed a request with the Department of Justice to determine whether the industry’s proposed multi-platform system is in compliance with antitrust laws.
Auto finance sources reveal that they, too, are focused on the customer experience, and say they are ready for what’s expected to be another great year for auto sales.
The magazine’s resident legal expert offers her take on why state and federal regulators were so active in auto finance at the close of 2014.
The finance source revealed in a regulatory filing last month that it has received a subpoena from the New York District Attorney’s Office and the Department of Justice regarding its subprime auto finance business.
Santander has agreed to settle charges that it illegally repossessed more than a thousand cars it financed for active service members over a five-year period.
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.
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