WASHINGTON, D.C. — The Consumer Financial Protection Bureau
and the Department of Justice are probing a pair of captive finance companies looking
for the possibility of discrimination, according to a report by Bloomberg.

The report indicated the two companies that are being eyed
by the CFPB and DOJ include Toyota Motor Credit and American Honda Finance.

Three people briefed on the inquiry shared additional details
in this report.

Bloomberg reported that according to the people who spoke on
condition of anonymity as many as five other auto lenders affiliated with manufacturers
have received similar requests for data that may be related to the borrowers'
racial background.

These inquiries have ramped up since the CFPB issued its
guidance earlier this year on the use of dealer markups and more. SubPrime Auto
Finance News examined the details and shared analysis from experts here.

More clarity about how the CFPB wants auto finance companies
to operate is coming to SubPrime Forum, the newest addition to Used Car Week. Eric
Reusch, the CFPB's program manager for auto and student loans, has been invited
to give a presentation at the SubPrime Forum, which is being orchestrated in
conjunction with the NAF Association.

The SubPrime Forum is set for Nov. 12 and 13 at the
Manchester Grand Hyatt in San Diego.

An agenda, registration details and more can be found at www.usedcarweek.biz.

Continue the conversation with SubPrime Auto Finance News on LinkedIn and Twitter.


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