Search Results: test Auto Finance

CFPB Settles Discriminatory Lending Claims Against Auto Manufacturer for $21.9 Million

On February 2, 2016, the Consumer Financial Protection Bureau announced a settlement with an auto manufacturer resolving claims of alleged discrimination under the Equal Credit Opportunity Act.  Under the terms of the settlement, the auto manufacturer will pay “$21.9 million in restitution to thousands of African-American and Asian and Pacific Islander…

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New York Attorney General Sues and Settles With Auto Dealerships Over Credit Repair Products

​On January 20, the New York Attorney General’s Office (Attorney General) announced that it had filed a complaint against several New York auto dealerships over allegations that the dealerships sold deceptive “after-sale” products to consumers.  The lawsuit alleges that the dealerships partnered with an independent credit repair company to charge 1,426 consumers…

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Auto Dealer-Lender and CFPB Settle Credit Reporting Allegations for $6.4 Million

On December 17, 2015, the CFPB announced a consent order and settlement with a Minnesota-based auto dealer and its affiliated financing company regarding their credit reporting practices in 15 states.  The consent order asserts that the companies violated the Fair Credit Reporting Act (FCRA) and the Consumer Financial Protection Act…

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Payday Lender and CFPB Settle Debt Collection Allegations for $10 Million

On December 16, 2015, the CFPB announced a consent order and settlement with a small-dollar lender concerning its debt collection practices in 15 states.  According to the consent order, the lender’s unlawful conduct allegedly included:  in-person collection visits at consumers’ homes and workplaces and phone calls to supervisors, landlords, and…

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FTC Reaches Settlement with Two Ohio Auto Dealers

FTC

​On November 24, the Federal Trade Commission (“FTC”) announced that it reached a settlement agreement with two Ohio auto dealers relating to allegations that the auto dealers violated Section 184 of the Consumer Leasing Act, 15 U.S.C. § 1667c, and Section 213.7 of Regulation M, 12 C.F.R. §​ 213.7.  Specifically, the FTC’s administrative ​complaint alleged that the auto dealers failed to disclose key…

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CFPB Publishes Rulemaking Agenda Including Proposed Rule Prohibiting Class Action Waivers

On November 20, 2015, the CFPB published​ its current rulemaking agenda. Under the Dodd-Frank Wall Street Reform Act, the CFPB drafts and implements new regulations governing certain consumer finance products and services. The CFPB publishes its regulatory agenda twice a year, which summarizes the proposed regulations (or “rules”) the Bureau is…

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Massachusetts AG Announces Auto Loan Company will Pay $5.4 Million to Settle Allegations it Charged Usurious Interest Rates

​On November 5, 2015 the Massachusetts Attorney General’s Office announced that a national auto loan company agreed to pay $5.4 million in restitution to Massachusetts consumers to settle allegations it charged excessive interest rates on automobile loans. According to the Massachusetts AG, the company purchased loans from primary creditors that contained…

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CFPB and Auto Lender Settle Servicemember Debt Collection Claim for $3.28 Million

​On October 28, 2015, the Consumer Financial Protection Bureau (CFPB) announced that it entered an administrative consent order against an Ohio-based auto lender that specializes in loans to military servicemembers.  The CFPB consent order, and the companion stipulated order issued by the U.S. District Court for the Southern District of Ohio, resolve…

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