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- 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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News and analysis for the well-informed compliance or audit exec.
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Our lowest price ($1 per day) for one year.
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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.
2024-07-26T19:18:00Z By Jeff Dale
RTX Corp., the parent company of Raytheon, disclosed in a public filing it has reserved $1.24 billion to resolve legacy legal matters with the Department of Justice, Securities and Exchange Commission, and Department of State.
2024-07-26T15:51:00Z By Aaron Nicodemus
The U.K. Financial Conduct Authority issued a fine of $4.5 million (3.5 million pounds) against a U.K.-based subsidiary of crypto platform Coinbase for providing services to high-risk customers in violation of FCA rules.
2024-07-26T13:36:00Z By Adrianne Appel
Admera Health agreed to pay more than $5.5 million to resolve allegations first brought by two whistleblowers that it paid kickbacks to third-party contractors, the Department of Justice said.
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