Michael Thurman

Michael Thurman

Loeb & Loeb LLP

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Justice Department and CFPB Announce $98 Million Settlement of Auto Lending Discrimination Allegations

The U.S. Department of Justice and the Consumer Financial Protection Bureau recently announced a $98 million settlement - the largest auto loan discrimination settlement to date - resulting from a nearly yearlong...more

1/13/2014 - Automotive Loans CFPB Discrimination DOJ

CFPB Discloses Use of "Proxy Data" in Identifying Discriminatory Auto Lending Practices

Consumer Financial Protection Bureau Director Richard Cordray recently provided a letter response to an inquiry from Democratic members of the House Committee on Financial Services requesting information about the Bureau's...more

7/18/2013 - Automotive Loans CFPB Discrimination Lending Racial Discrimination Richard Cordray

CFPB Announces Plans to Hold Auto Lenders Liable for Discriminatory Loans

The Consumer Financial Protection Bureau issued a guidance bulletin announcing that it will treat indirect auto lenders as creditors subject to the Equal Credit Opportunity Act (ECOA). The March 21 bulletin follows the CFPB's...more

4/3/2013 - Automotive Industry Car Dealerships CFPB Discrimination Disparate Impact ECOA Fair Lending Interest Rates Regulation B

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