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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.
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The CFPB’s former point man will be at Industry Summit 2014 this September to deliver a keynote address. He will take attendees inside the media-shy agency and offer insights on how the bureau intends to regulate the automotive retail industry.
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Earlier this month, Evergreen Bank Group issued a statement about its decision to move to a flat fee pricing model. The move was in response to a low FDIC rating and alleged violations of the ECOA.
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Rep. Jeb Hensarling, on behalf of the House Financial Services Committee, released a video Monday calling on the CFPB to make its advisory council meetings open to the public.
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Officials with Penske Automotive Group, which reported a record fourth quarter, said the operation will “wait and see” when it comes to adopting the NADA’s new fair lending compliance program.
Read More →AutoNation’s chief executive says he doesn’t expect the CFPB to eliminate rate participation, but he admits to not knowing ‘the end of the story yet.’
Read More →The settlement is the department’s third largest fair lending agreement and largest ever auto lending agreement.
Read More →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.
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The CFPB has generated some stormy weather over its review of rate participation, but the clouds may finally be parting.
Read More →The CFPB put companies that supply information to consumer reporting companies on notice, warning them that they are bound by law to investigate consumer disputes.
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