Ally Financial Reveals CFPB Probe Of Auto Lending Practices

Law360, New York (November 5, 2013, 5:58 PM EST) -- Ally Financial Inc. on Tuesday said that it faced scrutiny from the Consumer Financial Protection Bureau over auto lending practices by dealers that the bank does business with as part of a broader probe by the U.S. consumer finance watchdog.

Detroit-based Ally said in its third-quarter earnings report that it had been contacted as part of the CFPB's investigation into potentially discriminatory lending practices by auto dealers and other participants in the auto lending market.

While the bank does not provide auto loans directly, the CFPB...
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