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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 originations expected to drop in 2018, will your shop turn to non-QM/non-prime mortgage products as a way to bolster volumes?

Yes, definitely. We’re planning a launch.


No. It’s still difficult compliance/regulatory-wise.


Maybe. It’s under consideration.


Not now. But things could change as 2018 progresses.