Auto Lending Discrimination Case Highlights Lender Risks
Law360, New York (March 6, 2014, 4:30 PM EST) -- The U.S. Department of Justice and the Consumer Financial Protection Bureau recently announced a $98 million settlement with one of the largest auto lenders in the country. The settlement — the result of an ongoing investigation into the fair lending practices of the auto loan industry — resolved allegations that the lender engaged in a continuing nationwide pattern or practice of discrimination against African-American, Hispanic and Asian/Pacific Islander borrowers since April 1, 2011.
Under the settlement, the lender will pay $80 million in compensation for victims of past discrimination and $18 million to the CFPB's Civil Penalty Fund. The consent order...
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