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The AG’s Office settled with Toyota Motor Credit Corp. for illegal auto finance collection practices and Hometown Auto Framingham for discriminatory prices of add ons.
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Richard Cordray and Republican members of the House Financial Services Committee are set to square off next Wednesday. It will be the first time the director of the CFPB will appear before the committee since it issued two reports criticizing the bureau’s activities in the auto finance arena.
Read More →The three-year standoff between Toyota Motor Credit, the Justice Department and the CFPB is over, with the captive agreeing to pay up to $21.9 million in restitution to minority borrowers the regulators allege were overcharged on their auto loans. The captive also agreed to lower its dealer markup caps.
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The CFPB has generated some stormy weather over its review of rate participation, but the clouds may finally be parting.
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