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Automotive Loans Consent Order Consumer Lenders

Goodwin

CFPB Enters Into Consent Order with Bank Resolving Allegations of Force-Placed-Insurance

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On July 9, 2024, the Consumer Financial Protection Bureau (CFPB) announced that it entered into a consent order with a national bank, resolving allegations related to the bank’s auto lending practices....more

Hudson Cook, LLP

CFPB Takes Action Against Indirect Auto Lender for Alleged Illegal Scheme Impacting Borrowers.

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On November 20, 2023, the CFPB imposed a $60 million penalty on an indirect auto lender for allegedly hindering borrowers from cancelling product bundles, elevating their monthly car loan payments. The Company is also alleged...more

Goodwin

CFPB Enters Into $15 Million Settlement with Auto Lender

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On February 23, 2023, the Consumer Financial Protection Bureau (CFPB) announced that it entered into a consent order​ with an auto lender based in Georgia....more

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

Goodwin

CFPB Enters Into $4.75 Million Consent Order With Subprime Auto Lender and Servicer for FCRA Violations

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On December 22, 2020, the Consumer Financial Protection Bureau (CFPB) announced that it had entered into a consent order with a national lender and originator of subprime auto loans over the company’s alleged violations of...more

Goodwin

CFPB Settles with Auto Lender for Alleged UDAAP Violations

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On November 2, 2020, the Consumer Protection Financial Bureau (CFPB) announced that it had entered into a consent order with a Texas-based auto lender. The CFPB alleged that the auto lender engaged in deceptive acts and...more

Goodwin

Massachusetts AG Announces Settlement with Used Car Dealership for Alleged Deceptive Sales Practices

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On November 19, 2019, the Massachusetts Attorney General’s Office (AG) announced that it had settled its investigation into a used car dealership’s allegedly unfair and deceptive sales practices in violation of the...more

Goodwin

DOJ Settles SCRA Suit Against CA-Based Subprime Auto Lender

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On March 6, the U.S. Department of Justice (DOJ) announced that it had entered into a consent order with a California-based subprime auto lender and its affiliate. The order brings an end to a lawsuit filed by the DOJ in...more

Goodwin

State Attorneys General Settle with National Bank for $575 Million over Auto and Mortgage Lending Practices

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On December 28, 2018, the Attorneys General (AGs) of all 50 states and the District of Columbia announced a settlement totaling $575 million with a national bank as the result of a coordinated investigation by the States. The...more

Ballard Spahr LLP

CFPB enters into consent order with small-dollar lender to settle alleged TILA and UDAAP violations arising from finance charge...

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The CFPB announced last week that it has entered into a consent order with Triton Management Group, Inc., a small-dollar lender, to settle the CFPB’s allegations that Triton had violated the Truth in Lending Act and the...more

Goodwin

CFPB Fines Auto Lender $1.25 Million for Violations of Consent Order

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On April 26, 2017, the Consumer Finance Protection Bureau (CFPB) announced that it reached a consent order with an Ohio-based auto lender that allegedly violated a prior CFPB consent order by failing to properly return $1...more

Ballard Spahr LLP

FTC Consent Order Creates Uncertainty for Advertising of Credit, Lease Offers

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A recent Federal Trade Commission (FTC) consent order with two Ohio auto dealers creates uncertainty not only for auto dealers, but also for all other businesses advertising credit or lease offers. The order settled...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...

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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

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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

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