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CFPB, DOJ reach settlement with Toyota
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Banking, Case Law, Consumer Protection
Friday, February 5, 2016
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The Consumer Financial Protection Bureau and the Department of Justice reached a settlement with Toyota Motor Credit Corp., under which the largest captive auto lender in the U.S. and the fifth largest auto lender overall will change its pricing and compensation system to reduce dealer discretion and other incentives to mark up interest rates on the basis of borrower’s race and/or national origin. Read on for more details.
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