Ally To Pay $98M Over Discriminatory Auto Lending Claims

Law360, New York (December 20, 2013, 12:33 PM EST) -- Ally Financial Inc. on Friday agreed to pay $98 million to settle charges it discriminated against black, Hispanic, Asian and Pacific Islander auto loan borrowers by charging them higher interest rates.

The Consumer Financial Protection Bureau and the U.S. Department of Justice said the settlement, which requires Ally Financial and Ally Bank to pay $80 million in damages to harmed borrowers and $18 million in penalties, is the largest auto loan discrimination settlement in history. The agencies had accused Ally of violating the Equal Credit Opportunity...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.