Department of Justice: Loan Discrimination Settlement
Dept. of Justice: Loan Discrimination Settlement Richard Cordray Consumer Financial Protection Bureau Director Jocelyn Samuels Acting… read more
Dept. of Justice: Loan Discrimination Settlement
Consumer Financial Protection Bureau Director
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
*The transcript for this program was compiled from uncorrected Closed Captioning.
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