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Former Credit Union CEO Charged With Fraud

The former CEO of Valor Federal Credit Union was charged with executing a scheme to defraud the credit union of approximately $718,000 to pay for his personal credit card, college tuition, his wife's birthday party, and a golf tournament sponsorship.

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Toyota's Captive Issues Statement Regarding CFPB, DOJ Allegations

Toyota Motor Credit Corporation issued a statement to F&I and Showroom regarding last week’s regulatory filing. It revealed that the CFPB and the DOJ are alleging that the captive’s practices in the auto finance sector have resulted in the discriminatory pricing of auto loans.

CFPB Lacks Proper Data Security, Report Says

A report released by the United States Government Accountability Office this week found that the CFPB, which has collected information on up to 600 million financial accounts, has fallen short in its data-protection efforts.

CFPB Fines Subprime Finance Source $2.75 Million

First Investors Financial Service Group was charged with providing inaccurate information to credit reporting agencies due to a known computer glitch. The finance company was ordered to pay a fine and identify and correct affected consumer credit profiles.

N.Y. Dealer to Pay $27K for Bogus Customer Fees

An investigation of a Toyota dealership in Kingston found that 27 customers were charged an additional undisclosed $650 fee when they purchased their vehicle at the end of the lease. No additional services were provided for payment of this fee.

Industry Responds to New York Times Op-Ed on Subprime Auto Loans

Industry associations responded this week to a New York Times opinion piece claiming that subprime auto lending is a predatory practice that stands to go the way of subprime mortgages.

GM Financial Subject of DOJ Investigation

In a Securities and Exchange Commission filing this week, GM Financial revealed that it was served with a subpoena by the U.S. Department of Justice. It is requesting documents related to the origination and securitization of subprime auto loan contracts dating back to 2007.

DOJ Investigating Fifth Third Bank’s Auto Lending Practices

Fifth Third Bancorp revealed in a regulatory filing this month that its indirect auto loan portfolio is being examined by the Department of Justice to determine whether the finance source engaged in discriminatory practices.

Calif. DMV Targets ‘Curbstoners’ in Sting

Investigators issued nearly 100 citations and made several arrests during an operation aimed at thwarting unlicensed auto dealers who sell unsafe used vehicles.

Auto Suppliers Ordered to Pay $740M for Price Fixing

The conspiracies affected more than $5 billion in automobile parts sold to U.S. car manufacturers, and more than 25 million cars purchased by American consumers, the Department of Justice announced.