UDAAP Feed Link

UDAAP

Browse all ARM topics

auto-loan01-lg

CFPB, DOJ Announce $21.9M Settlement with Toyota Motor Credit Corp.

Yesterday, the Consumer Financial Protection Agency and the Department of Justice announced a $21.9 million dollar settlement with the Toyota Motor Credit Corporation. The settlement – and the consent order that comes along with it – may seem of peripheral interest to the ARM industry, but the action offers sharp lessons for the ARM industry on how regulators are using data to track UDAAP violations and how regulators expect financial services agencies to balance employee discretion with agency-wide non-discrimination policies.