Feds sue pension loan companies

The CFPB was established in 2011 as part of the Dodd-Frank Wall Street Reform Act. It’s charged with enforcing the consumer protections in that law, which created new prohibitions against unfair, deceptive or abusive acts and practices.

The Consumer Financial Protection Bureau and New York Department of Financial Services have brought suit against two pension loan companies for misrepresenting the interest rates on lump-sum pension loans.

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  • November 20, 2016 at 2:01 am

    The U.S. financing arm of Honda Motor Corp. has agreed to refund $24 million to borrowers to settle federal investigations alleging that the company discriminated against minorities by charging them higher interest rates on auto loans than white customers.


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