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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.
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Auto Dealer TV's Jennifer Nebrich reports on the NADA's case against flat fees, while biweekly payment providers unite. Also this week, Fifth Third Bank comes under regulator scrutiny, while California cracks down on the sale of used vehicles with open recall issues.
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