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Automotive Loans Race Discrimination

Troutman Pepper

FTC and Arizona AG Reach $2.6 Million Settlement with Motor Vehicle Dealer Over Alleged Deceptive and Discriminatory Sales and...

Troutman Pepper on

Last week, the Federal Trade Commission (FTC) and the State of Arizona announced a joint action against Coulter Motor Company, an Arizona-based motor vehicle dealership, and its former general manager, for allegedly engaging...more

Goodwin

2023 Year in Review: Auto Loan Origination and Servicing

Goodwin on

Welcome to the Auto Loan Origination and Servicing chapter of our annual report Consumer Financial Services 2023 Year in Review. Looking Ahead to 2024 - We anticipate that the CFPB will continue its attempts to combat...more

BakerHostetler

FTC Not Kidding that Discrimination Violates Section 5

BakerHostetler on

We all know that discrimination violates various federal and state laws, but the FTC has been insisting for a while now that it also violates Section 5. A recent joint complaint the agency brought with the State of Wisconsin...more

Hudson Cook, LLP

CFPB Bites of the Month - March 2023 - Beware the Ides of March and the CFPB

Hudson Cook, LLP on

In this month's article, we share some of our top "bites" for the prior month covered during the March 2023 webinar....more

Hudson Cook, LLP

The FTC, Auto Dealers, and Credit Discrimination: What's Next?

Hudson Cook, LLP on

We have looked at the Federal Trade Commission's sweeping case against Bronx Honda and its general manager. Was this case part of a concerted effort by the FTC to ferret out illegal credit discrimination by automobile...more

Ballard Spahr LLP

DOJ Settles ECOA Claims Against Used Maryland Car Dealership

Ballard Spahr LLP on

The Department of Justice recently announced that it had settled a lawsuit filed in 2019 that alleged a Maryland used car dealership discriminated against African Americans in violation of the Equal Credit Opportunity Act by...more

Bradley Arant Boult Cummings LLP

Proposed American Bar Association Resolution Could Affect Auto Dealers

The American Bar Association’s (ABA) Civil Rights and Social Justice Section, State and Local Government Law Section, and Commission on Homelessness and Poverty has proposed a resolution affecting automobile dealers that will...more

Ballard Spahr LLP

House Financial Services Subcommittee Holds Hearing on Discrimination in Auto Loans and Insurance

Ballard Spahr LLP on

This past Wednesday the House Committee on Financial Services’ Subcommittee on Oversight and Investigations held a hearing titled “Examining Discrimination in the Automobile Loan and Insurance Industries.” As the Majority...more

Goodwin

DOJ Enters Into Consent Order with Bank Over Allegedly Discriminatory Vehicle-Secured Loans

Goodwin on

On September 28, the U.S. Department of Justice (DOJ) announced that it had entered into a consent order with a bank to resolve allegations that the bank discriminated against Hispanic borrowers. The DOJ’s complaint, filed...more

Baker Donelson

Was a CFPB Enforcement Action Based on "Racial Profiling and Junk Science"?

Baker Donelson on

In a press release dated April 18, 2012, the Consumer Financial Protection Bureau (CFPB or Bureau) declared that it would "use all available legal avenues, including disparate impact, to pursue lenders whose practices...more

Ballard Spahr LLP

Director Corday testifies before House Committee on Financial Services

Ballard Spahr LLP on

On Wednesday, September 29, CFPB Director Richard Cordray appeared before the House Committee on Financial Services to answer questions regarding the Bureau’s activities since March. Director Cordray used his introductory...more

Ballard Spahr LLP

Auto Finance Company Agrees to Change Dealer Compensation Policy to Settle CFPB and DOJ Fair Lending Claims

Ballard Spahr LLP on

To resolve charges by the Consumer Federal Protection Bureau (CFPB) and the Department of Justice (DOJ) that it engaged in unlawful discrimination in violation of the Equal Credit Opportunity Act (ECOA), American Honda...more

Neal, Gerber & Eisenberg LLP

The CFPB Eyes Supervisory Regulation Over Large Auto-Lenders

Large auto-lenders may soon have to contend with a new regulator. In its most recent semi-annual report, the Consumer Financial Protection Bureau (“CFPB”) highlighted its intent to promulgate a new rule which would subject...more

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