News & Analysis as of

Consumer Financial Protection Bureau (CFPB) › Consent Order › Automotive Industry

Orrick, Herrington & Sutcliffe LLP

CFPB drops in-house suit against motor vehicle company financial arm

Orrick, Herrington & Sutcliffe LLP on

On May 12, the CFPB terminated a consent order against a credit financing arm of a large motor vehicle company for violations related to the CFPA and FCRA. ...more

Hudson Cook, LLP

CFPB Bites of the Month - 2022 Annual Review

Hudson Cook, LLP on

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

Stinson LLP

CFPB Continues to Take Action Against Offenders in Debt Collection Services

Stinson LLP on

CFPB Takes Action Against Servicemember Auto Lender Security National Automotive Acceptance Company - On October 28, 2015, the Consumer Financial Protection Bureau (CFPB) filed an administrative order against Security...more

Ballard Spahr LLP

CFPB Orders Indirect Auto Finance and Title Loan Companies to Pay $48.35 Million in Redress and Penalties For Abusive Debt...

Ballard Spahr LLP on

The CFPB has entered into a consent order with Westlake Services, LLC, an indirect auto finance company, and its wholly owned subsidiary, Wilshire Consumer Credit, LLC, for alleged deceptive debt collection practices. The...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

MoFo Reenforcement

CFPB Brings First ECOA Disparate Impact Action Post-Inclusive Communities

MoFo Reenforcement on

Just over 18 months after bringing a disparate impact-based ECOA case against Ally Financial (“Ally”) for discriminatory auto loan pricing, the CFPB has struck again—this time taking action against American Honda Finance...more

Ballard Spahr LLP

Furnishers Beware – CFPB Signals That Civil Penalties May Be Appropriate Even Without Any Actual Consumer Injury

Ballard Spahr LLP on

Yesterday, the CFPB announced a consent order with First Investors Financial Services Group, Inc., an auto finance company that both makes loans to consumers and purchases retail installment sale contracts from auto dealers....more

Stinson - Corporate & Securities Law Blog

Lender Agrees to Pay CFPB $2.75 Million Fine for Distorting Credit Records

Stinson - Corporate & Securities Law Blog on

The CFPB obtained a consent order from an auto finance company that allegedly distorted consumer credit records for years. The auto finance company, which according to the CFPB lends primarily to subprime borrowers, allegedly...more

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