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Toyota Motor Credit hit with $60M CFPB penalty for CFPA, FCRA violations
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Consumer Protection
Wednesday, November 22, 2023
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The Consumer Financial Protection Bureau ordered Toyota
Motor Credit Corp. to pay $60 million in penalties and consumer redress for violating
the Consumer Financial Protection Act and the Fair Credit Reporting Act.
The bureau accused Toyota’s lending arm of an illegal scheme
that prevented borrowers from canceling product bundles that increased their
monthly car loan payments and damaged their credit reports with false
information.
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