Links in “Auto Lending”
- Program Lets Customers Use Rewards to Pay Down Loans
Wells Fargo offers customers option of using their credit card rewards to pay down mortgage, auto loans or home equity lines. [1/7]
- Ally Settles for $98 Million for Auto Lending Discrimination
DOJ and the CFPB bring the hammer down, announcing the largest auto loan discrimination settlement in history against Detroit-based Ally Bank for engaging in nationwide pattern or practice of racial discrimination involving overages. Action comes on the heels of the CFPB bulletin informing indirect auto lenders they would be on the hook for any intentional or disparate impact on minorities. See also this coverage. [12/23]
- Nearly $100 Million Fine Levied Against Bank for Its Indirect Auto Lending
CFPB and DoJ action against Ally Bank comes on the heels of the CFPB bulletin informing indirect auto lenders they would be on the hook for any intentional or disparate impact on minorities. [12/23]
- A Look at Life Without Dealer Participation
CFPB argues that the dealer finance participation model is fatally flawed because it allows dealers a level of discretion that results in higher rates for minority borrowers. [11/18]
- Auto-matic Warning from the CFPB
Cordray's comments at the Auto Finance Forum speaks to the limits of the CFPB against most auto dealerships (very limited except against the largest dealerships), but focuses on indirect auto lenders. [11/15]
- Auto Lending: CFPB Fires Second Shot Over the Bow
Why the CFPB may have issued a second warning on discrimination in auto lending and what may be coming next. [11/14]
- Why Senators May Find CFPB Response to Auto Lending Guidance Less-Than-Satisfactory
Senators' request for details on the methodology used by the CFPB to make its determination that "disparate impact" discrimination is present in the indirect auto financing market is met with a variety of evasive answers, such as not giving a threshold number at which a difference in loan rate would be considered discriminatory, saying such matters are handled on a "case-by-case" basis. [11/5]
- Whereâs the Data to Support the CFPBâs Contention of Discrimination in Indirect Auto Lending?
A group of Senators, along with NAFCU staff, are asking this question about the Bulletin issued by the CFPB in March 2013 that focuses on discrimination in indirect auto leasing. The Senators have requested to see documentation to support the CFPBâs contention that disparate impact is present in the indirect auto industry and warrants the onerous measures laid out in CFPB Bulletin 2013-02. [11/4]
- Bipartisan Group of Senators Ask for Data Behind CFPB’s Auto Lending Bulletin
22 senators ask CFPB to provide the data it used as basis for warning auto lenders they could be committing fair-lending violations; bulletin also implied that lenders could be held responsible for a dealership's fair lending performance. [11/1]
- Senator Wants FTC to Step It Up Against Auto Dealers
Senator Edward Markey (D., Mass) urges FTC to take a more active role in policing auto dealers who use unfair or deceptive financing practices. [10/29]
