December 2013 Articles – CFPB Journal

CFBP orders Ally Bank to pay $98 million in auto finance penalty

The Consumer Financial Protection Bureau, in conjunction with the Department of Justice, recently issued an order to Ally Financial, Inc., and Ally Bank to pay $80 million in damages to auto loan consumers who were harmed by discriminatory policies on auto loan applications.

CFPB files its first online lending lawsuit

The Consumer Financial Protection Bureau recently filed its first lawsuit against an online lender, CashCall, Inc., as well as CashCall’s owner, subsidiary and affiliate.

CFPB orders GE CareCredit to refund $34.1 million

The Consumer Financial Protection Bureau ordered GE Capital Retail Bank and its subsidiary, CareCredit, to refund $34.1 million to approximately 1.2 million customers of a deferred-interest healthcare credit card.

Operations and IT expenses top list of compliance costs.

Banks spend more on operations and information technology than human resources, compliance or legal expenses, according to a report released by the Consumer Financial Protection Bureau.