WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today ordered Toyota Motor Credit Corporation to pay $60 million in consumer redress and penalties for operating an illegal scheme to prevent borrowers from cancelling product bundles that increased their monthly car loan payments. The company withheld refunds or refunded incorrect amounts on the bundled products and knowingly tarnished consumers’ credit reports with false information. The CFPB is ordering Toyota Motor Credit to stop its unlawful practices, pay $48 million to harmed consumers, and pay a $12 million penalty into the CFPB’s victims relief fund.
Joining every other circuit to address the same issue, the U.S. Court of Appeals for the Eleventh Circuit recently ruled that a consumer does not have to prove actual damages to recover statutory damages for willful violations of the Fair Credit Reporting Act.
Three of the largest publicly traded debt collection companies—Encore Capital Group, Navient and PRA Group—recently held their Q3 2023 earnings calls. As public companies with required market disclosures, their earnings calls offer an opportunity to glean macro-insights on the collections world and the economy in general.
High interest rates have had a significant impact on the mortgage market and their effect is likely to continue as rates continue to increase, the Consumer Financial Protection Bureau (CFPB) said in a report.
ALEXANDRIA, Va. (Nov. 16, 2023) – The National Credit Union Administration Board held its tenth open meeting of 2023 and approved a final rule that amends the charitable donation accounts section of the NCUA’s incidental powers regulation. In addition, the NCUA’s Chief Financial Officer briefed the Board on the performance of the National Credit Union Share Insurance Fund for the third quarter of 2023.
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