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Volume 25 - Number 01

January 6, 2014

CFPB Orders Ally to Pay $98 Million Over Auto Lending Discrimination

The CFPB and the Department of Justice last month ordered Ally Financial and Ally Bank to pay a total of $98 million to resolve complaints about discriminatory auto loan pricing towards African-American, Hispanic and Asian/Pacific Islander borrowers. The settlement provides $80 million in compensation for victims of alleged past discrimination by Ally, one of the nation’s largest auto lenders, and requires the lender to pay $18 million to the CFPB’s civil penalty fund. Ally also must refund discriminatory overcharges...

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With rates higher this year, there has been talk of lenders liberalizing their underwriting standards in an effort to increase volume and make up for lower refis.

Do you think your shop will loosen standards over the coming three months?

Yes, but not by much.
Yes, by a lot.
Yes and, heck, we may even do non-QM lending.
No, not at all.
No and we may even tighten credit.

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