We found that between April 2011 and December 2013, Ally’s markup policy resulted in African-American, Hispanic, Asian and Pacific Islander borrowers paying more for auto loans than similarly situated non-Hispanic white borrowers. Ally agreed to a settlement and is paying a settlement administrator to distribute the $80 million in damages to harmed borrowers.
We’re releasing our third annual Fair Lending Report, which details the important strides we have taken over the last year to protect consumers from credit discrimination and increase access to credit.
Today, we held a field hearing on auto finance in Indianapolis, Indiana. The event featured remarks from Director Richard Cordray, as well as testimony from consumer groups, industry representatives, and members of the public. The live event has now ended, but a recording will be available here soon.
We were glad to be there for Harry and Ari – they shared their story with us and got the help they needed.
Join us for a field hearing in Indianapolis, Indiana on auto finance. The hearing will take place on Thursday, September 18 at 11 a.m. EDT and will feature remarks from Director Richard Cordray, as well as testimony from consumer groups, industry representatives, and members of the public. Learn more about the event and RSVP.
Today, we held a forum on auto finance here at the CFPB. The forum featured remarks from CFPB Director Richard Cordray as well as panel discussions with senior CFPB officials, federal regulators, consumer group representatives, and industry stakeholders. Learn more about the auto finance forum.
Join us for an auto finance forum at CFPB headquarters, located at 1700 G Street NW, Washington, D.C. The forum will take place on Thursday, November 14 at 8:45 a.m. EST. The event will feature remarks from CFPB Director Richard Cordray and a discussion with consumer groups, industry representatives, and members of the public. The […]
Every year, millions of American families buy a car – and it will be one of the most significant purchases they make. One key priority for us is protecting consumers from the silent pickpocket of discrimination. Discriminatory markups in auto lending may result in tens of millions of dollars in consumer harm each year. The […]
Today we announced how lenders can take steps to prevent discrimination in auto lending, but there are also steps that every consumer can take to make it more likely that they are getting a good deal on a car loan. If you’re shopping for a car loan, you’re not alone. The average loan for a new car is up to $26,691 – making auto loans an important decision for consumers. Read more»
We recently launched the first phase of a new system to help consumers who have problems with auto loans and other types of installment loans, such as loans to buy a refrigerator. Just like the credit card and mortgage complaints within our purview we started taking last year, we will forward complaints for these new […]