News & Updates

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 … Continue reading

February 3, 2016

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 … Continue reading

February 2, 2016

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 … Continue reading

February 2, 2016

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.  … Continue reading

February 2, 2016

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 … Continue reading

November 20, 2015

New Comprehensive Study of Loan Records Refutes CFPB Position on Auto Lending

PRNewswire Nov. 19, 2014 /PRNewswire/ — A new comprehensive study of more than 8.2 million loan records by Charles River Associates concludes that the method used by the Consumer Financial Protection Bureau (CFPB) to measure for discrimination in an auto lender’s portfolio is “conceptually flawed in its application and subject to … Continue reading

November 19, 2015

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 … Continue reading

August 25, 2015

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 … Continue reading

July 30, 2015

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 … Continue reading

July 29, 2015

Statement of Fair Lending Principles by AFSA
In 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, … Continue reading

July 27, 2015

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: … Continue reading

July 21, 2015

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 … Continue reading

July 14, 2015

Toyota Financial Services, FSR Release Video Highlighting Business Case for Financial Education

A new video released by the Financial Services Roundtable and Toyota Financial Services today highlights the importance of banks and other financial institutions playing an active role in educating more Americans about money management, saving and the use of financial tools. “I think the biggest challenge we see in financial … Continue reading

July 13, 2015

TFS Statement On American Banker Article

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 … Continue reading

June 30, 2015

CFPB to Oversee Nonbank Auto Finance Companies

Consumer Financial Protection Bureau Bureau Publishes Exam Procedures for Supervised Companies in $900 Billion Market WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) published a rule today that will allow the agency to supervise larger nonbank auto finance companies for the first time. The CFPB also released the examination procedures … Continue reading

June 10, 2015

House Votes to Ban DOJ From Using ‘Disparate Impact’ Theory

By Victoria Finkle | American Banker June 3, 2015 WASHINGTON – The House approved a measure Wednesday that would bar the Department of Justice from using federal funding to apply a controversial legal theory on price discrimination in litigation. Read the full post at the source: http://www.americanbanker.com/news/law-regulation/house-votes-to-ban-doj-from-using-disparate-impact-theory-1074684-1.html

June 3, 2015

CFPB Launches Financial Coaching Initiative

Consumer Financial Protection Bureau Program Targets Transitioning Veterans and Economically Vulnerable Consumers WASHINGTON, D.C. — Today the Consumer Financial Protection Bureau (CFPB) is launching its Financial Coaching Initiative, targeting recently-transitioned veterans and economically vulnerable consumers to help them with their financial goals. The program places 60 certified financial coaches at organizations … Continue reading

May 20, 2015

Prepared Remarks of CFPB Director Richard Cordray at the Financial Coaching Launch

By Richard Cordray | Consumer Financial Protection Bureau May 20, 2015 Thank you for joining us today to announce the launch of our Financial Coaching Initiative. The Consumer Financial Protection Bureau is offering coaching support to veterans and economically vulnerable consumers during critical times of transition: veterans when they are … Continue reading

May 20, 2015

Warren’s false claim that ‘auto dealer markups cost consumers $26 billion a year’

By Glenn Kessler | The Washington Post, Fact Checker Blog May 5, 2015 “One study estimates that these auto dealer markups cost consumers $26 billion a year. Auto dealers got a specific exemption from CFPB [Consumer Financial Protection Bureau] oversight, and it is no coincidence that auto loans are now … Continue reading

May 7, 2015

Congressmen Gets Testy with CFPB Chief Cordray

By Jim Henry | Automotive News March 11, 2015 The Consumer Financial Protection Bureau and its critics on the House Financial Services Committee traded jabs in a tense session last week as CFPB Director Richard Cordray presented the bureau’s semiannual report. Committee Chairman Jeb Hensarling, R-Texas, used the occasion to … Continue reading

March 11, 2015