- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Kyle Brasseur2023-11-20T18:53:00
The auto-financing arm of carmaker Toyota agreed to pay $60 million as part of a settlement with the Consumer Financial Protection Bureau (CFPB) addressing allegations of illegal lending and credit reporting misconduct.
Toyota Motor Credit Corp. was fined $12 million and must pay nearly $48 million in consumer redress, the CFPB announced in a press release Monday.
Toyota Motor Credit was accused of making it unreasonably difficult for consumers to cancel unwanted add-ons, failing to ensure consumers received refunds for certain add-ons that had become void, failing to provide refunds to consumers who canceled their vehicle service agreements, and not timely correcting false information provided to consumer reporting agencies when consumers returned their leased vehicles, according to the CFPB’s order.
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2024-07-09T20:04:00Z By Aaron Nicodemus
Ohio-based Fifth Third Bank will pay $20 million in penalties to the Consumer Financial Protection Bureau for allegedly opening fake bank accounts and wrongfully repossessing customers’ vehicles.
2024-05-16T20:03:00Z By Aaron Nicodemus
The Supreme Court rejected a claim that the Consumer Financial Protection Bureau’s funding mechanism is unconstitutional, removing a legal challenge that had the potential to overturn all the agency’s regulations and enforcement actions.
2023-12-08T14:09:00Z By Kyle Brasseur
Atlantic Union Bank agreed to pay $6.2 million as part of a settlement with the Consumer Financial Protection Bureau resolving allegations the bank illegally enrolled and misled customers in its checking account overdraft programs.
2025-05-22T14:37:00Z By Aaron Nicodemus
The Federal Trade Commission has ordered web hosting company GoDaddy to implement a “robust” information security program following at least three data breaches that the agency said were aided by lax cybersecurity measures.
2025-05-20T12:30:00Z By Oscar Gonzalez
The U.S. Federal Trade Commission (FTC) took action against a pair of student loan debt relief companies for allegedly deceiving borrowers. The move came despite the Trump administration’s broader efforts to roll back enforcement actions against businesses since taking office.
2025-05-16T19:24:00Z By Oscar Gonzalez
After dismissing its lawsuit against the crypto exchange Coinbase in March, a second investigation into the exchange by the Securities and Exchange Commission has surfaced, according to a report from the New York Times. This comes as a bit of a surprise after the Trump administration has been scaling down ...
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