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Equal Credit Opportunity Act Automotive Industry Consumer Financial Products

Hudson Cook, LLP

CFPB Bites of the Month - 2022 Annual Review

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In this article, we share a timeline of our monthly "bites" for 2022 applicable to the auto finance industry. So, what happened in 2022?...more

Ballard Spahr LLP

Will the NYDFS pick up the baton on disparate impact auto dealer pricing?

Ballard Spahr LLP on

If you’ve followed the status of the CFPB’s enforcement actions under the Equal Credit Opportunity Act related to auto dealer finance charge participation, you probably would have concluded that those cases are unlikely to...more

Ballard Spahr LLP

Republican members of House Financial Services Committee release new report on CFPB’s auto finance actions

Ballard Spahr LLP on

Republican members of the House Financial Services Committee recently released a report, prepared by the Republican Staff of the Committee, titled “Unsafe at Any Bureaucracy, Part III: The CFPB’s Vitiated Legal Case Against...more

Stinson LLP

CFPB and DOJ Take Action Against Fifth Third Bank

Stinson LLP on

On September 28, 2015, the Consumer Financial Protection Bureau (CFPB) announced two separate actions against Fifth Third Bank. The first action—brought only by the CFPB—relates to Fifth Third Bank’s marketing of credit card...more

Dorsey & Whitney LLP

Why Does the CFPB Want to Curb Auto Lenders’ Discretion to Charge Higher or Lower Interest Rates?

Dorsey & Whitney LLP on

On July 14, 2015, the Consumer Financial Protection Bureau (“CFPB”) and Department of Justice (“DOJ”) announced they had reached a “groundbreaking settlement” with American Honda Finance Corporation (“Honda”).(1) The...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

Ballard Spahr LLP

CFPB General Counsel Meredith Fuchs in the “Disparate Impact” Hot Seat

Ballard Spahr LLP on

As we previously reported, the House Financial Services Committee has been interested in the specific methodology and metrics used by the CFPB in its disparate impact analysis under the Equal Credit Opportunity Act and...more

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