Today, The American Banker ran a story on the CFPB and DOJ’s ongoing inquiry into the lending practices of indirect auto lenders. Toyota Financial Services provided the following statement in response to that article.
“As we have previously disclosed, the Consumer Financial Protection Bureau (CFPB) and U.S. Department of Justice (DOJ) are conducting a joint inquiry into the indirect auto lending practices of TFS and other auto finance providers. Because our discussions with the agencies are ongoing, it would be inappropriate to comment beyond noting that we look forward to continuing to work with them in pursuit of an outcome that serves the best interests of consumers while preserving auto finance providers’ ability to compete.
We take seriously our commitment to diversity and inclusion, and that commitment extends to fair and responsible lending practices. In keeping with this deeply held commitment, it is important to note that as an indirect lender TFS has no visibility into the race or ethnicity of our customers or credit applicants, and these factors never influence our credit or pricing decisions. “