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Ally to pay $98 million in first-ever joint DOJ, CFPB fair lending enforcement action
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Consumer Protection
Monday, December 23, 2013
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Ally Financial Inc. and Ally Bank agreed to pay $98 million in restitution and civil penalties to settle federal claims that the firms’ loan pricing structure allowed auto dealers to drive thousands of minority borrowers into loans with inflated interest rates. A pair of orders, released by the Consumer Financial Protection Bureau and Department of Justice on Dec. 20, represent the federal government’s largest-ever auto loan discrimination settlement. It’s also the first joint fair lending enforcement action by the DOJ and CFPB.
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