Department of Justice: Loan Discrimination Settlement

Dept. of Justice: Loan Discrimination Settlement
Richard Cordray
Consumer Financial Protection Bureau Director
Jocelyn Samuels… read more

Dept. of Justice: Loan Discrimination Settlement

Richard Cordray

Consumer Financial Protection Bureau Director

Jocelyn Samuels

Acting Assistant Attorney General for the Civil Rights Division

Conference call with reporters from earlier today.

The Department of Justice and the Consumer Financial Protection Bureau (CFPB) today announced the federal government’s largest auto loan discrimination settlement in history to resolve allegations that Detroit-based Ally Financial Inc. and Ally Bank have engaged in an ongoing nationwide pattern or practice of discrimination against African-American, Hispanic and Asian/Pacific Islander borrowers in their auto lending since April 1, 2011.

The settlement provides $80 million in compensation for victims of past discrimination and requires Ally to pay $18 million to the CFPB’s Civil Penalty Fund. Ally also must refund discriminatory overcharges to borrowers for the next three years. close

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People in this video

  • Cordray, Richard Director Consumer Financial Protection Bureau
  • Samuels, Jocelyn Assistant Attorney General (Acting) Department of Justice->Civil Rights Division

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More information about

Department of Justice: Loan Discrimination Settlement

107 Views
Program ID:
83548-1
Category:
News Conference
Format:
News Conference
Location:
Washington, District of Columbia, United States
First Aired:
Dec 20, 2013

Airing Details

  • Dec 20, 2013 | 12:48pm EST | C-SPAN RADIO
  • Dec 20, 2013 | 8:00pm EST | C-SPAN RADIO