Commitment to Fair Lending Practices

TMCC’s February 2016 Voluntary Agreement

With a commitment to fostering a fair and competitive auto finance lending market, on February 2, 2016 Toyota Motor Credit Corporation (TMCC) announced a voluntary agreement with the Consumer Financial Protection Bureau (CFPB) and the U.S. Department of Justice (DOJ) that addresses discretionary dealer compensation practices. TMCC is the latest of several lenders to enter into such an agreement.

Toyota Unit Enters $21.9M Settlement Over Alleged Auto Loan Racial Bias

Wall Street Journal | Toyota Motor Credit agrees to change pricing, compensation system to reduce dealer’s discretion to charge extra interest for certain loans WASHINGTON | Federal regulators have reached a $21.9 million settlement with Toyota Motor Corp.’s U.S. financing unit over policies that allegedly overcharged minority borrowers for auto loans. It is the fourth […]

Toyota Motor Credit Corporation Reaches Voluntary Agreement with CFPB and DOJ

Toyota Newsroom | With a commitment to fostering a fair and competitive auto finance lending market, Toyota Motor Credit Corporation (TMCC) today announced a voluntary agreement with the Consumer Financial Protection Bureau (CFPB) and the U.S. Department of Justice (DOJ) that addresses discretionary dealer compensation practices.  TMCC determined that a voluntary agreement was the preferred […]

CFPB and DOJ Reach Resolution With Toyota Motor Credit To Address Loan Pricing Policies With Discriminatory Effects

Consumer Financial Protection Bureau | Today the Consumer Financial Protection Bureau (CFPB) and Department of Justice (DOJ) resolved an action with Toyota Motor Credit Corporation, under which Toyota Motor Credit will change its pricing and compensation system to substantially reduce dealer discretion and accompanying financial incentives to mark up interest rates. As part of today’s […]

Justice Department and Consumer Financial Protection Bureau Reach Settlement to Resolve Allegations of Auto Lending Discrimination by Toyota

Office of Public Affairs | Department of Justice | The Department of Justice and the Consumer Financial Protection Bureau (CFPB) announced today a settlement to resolve allegations that Toyota Motor Credit Corporation (Toyota) engaged in a pattern or practice of discrimination against African-American and Asian/Pacific Islander borrowers in auto lending.  Toyota, based in Torrance, California, […]

U.S. House passes bill revoking CFPB auto lending guidance

By John Irwin | Automotive News A bill that would limit the U.S. Consumer Financial Protection Bureau’s 2013 auto lending guidance passed the House of Representatives late Wednesday by a 332-96 vote. H.R. 1737 — the Reforming CFPB Indirect Auto Financing Guidance Act — would revoke 2013 auto lending guidance from the CFPB. The guidance […]

Mortgages Rank Third Among Consumer Complaints in Latest CFPB Snapshot

By Brian Honea | DSNews Mortgages were the third-most complained about financial product nationwide in July, according to the Consumer Financial Protection Bureau (CFPB)’s monthly consumer complaints snapshot for July released Tuesday. As of August 1, 2015, the Bureau has handled 677,200 consumer complaints across all products in slightly more than four years of operation, […]

U.S. House committee approves limit on CFPB’s oversight of auto lending

By Hannah Lutz | Automotive News The U.S. House Financial Services Committee approved a bill Wednesday, 47-10, that would significantly limit the Consumer Financial Protection Bureau’s guidance over auto lending. The bill aims to “ensure that the CFPB’s auto finance policy is based on accurate analysis and is based on the best interest of consumers,” […]

Building America’s Economic Future by Empowering Girls in Financial Literacy

By Anna Maria Chavez | The Huffington Post As the CEO of Girl Scouts of the USA, an organization committed to providing girls with a sense of financial literacy for over a century, I was proud to serve as a member of President Obama’s Advisory Council on Financial Capability for Young Americans. From ensuring our […]

Statement of Fair Lending Principles by AFSAIn Support of an Industry-wide, Pro-Consumer Solution

In Recognition that Automobiles Are Fundamental to the American Way of Life and that Auto Financing is Essential to the U.S. Economy   Participants in the U.S. auto industry maintain: The automobile is an essential part of the American way of life, providing people greater options for where they live, work and how they spend […]

FSR Announces Winners of the Corporate Social Responsibility Leadership Awards

Financial Services Roundtable The Financial Services Roundtable will award 23 financial services companies with its “FSR Corporate Social Responsibility Leadership Awards” this Wednesday for their leadership and dedication to improving their communities and their efforts to sharing financial literacy education. Read more about the CSR awards in FSR’s blog post: “As the Financial Services Roundtable […]

U.S. Settles Lawsuit Accusing Honda of Car Loan Discrimination

By Pete Williams | NBC News Honda’s lending arm today agreed to limit the amount by which its dealers can mark up interest rates on car loans, as part of an agreement to settle a discrimination lawsuit. The Justice Department and the Consumer Financial Protection Bureau claimed that car loans issued by American Honda Finance […]