CFPB Takes First Action Against ‘Buy-Here, Pay-Here’ Auto Dealer
The Bureau today took its first action against a "buy-here, pay-here" car dealer. The dealer, DriveTime, harmed consumers by making harassing debt...
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CFPB Proposes New Federal Oversight of Nonbank Auto Finance Companies
Bureau Supervision Uncovers Auto-Lending Discrimination at Banks and Obtains $56 Million for Harmed Consumers.
CFPB Takes Action Against Auto Finance Company for Distorting Borrower Credit Reports
First Investors Fined $2.75 Million for Knowingly Providing Inaccurate Information to Credit Reporting Agencies for Years Today the Bureau is taking action...
Statement of CFPB Director Richard Cordray on BMO Harris Auto Lending Policy
Consumer Financial Protection Bureau (CFPB) Director Richard Cordray issued the following statement responding to news that BMO Harris Bank plans to pay auto dealers a flat percentage of the loan amount to compensate dealers for originating indirect auto loans.
CFPB and DOJ Order Ally to Pay $80 Million to Consumers Harmed by Discriminatory Auto Loan Pricing
Ally to Pay Additional $18 Million in Civil Penalties for Harming More Than 235,000 Minority Borrowers.
CFPB to Hold Auto Lenders Accountable for Illegal Discriminatory Markup
Potentially discriminatory markups in auto lending may result in tens of millions of dollars in consumer harm each year, and the bulletin provides guidance to indirect auto lenders within the CFPB’s jurisdiction on how to address fair lending risk.