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Perspective

Jul. 1, 2014

CFPB activity should be a lesson for auto lending industry

The CFPB's latest crackdown on deceptive credit card sales and marketing of add-on products is part of a trend which can provide valuable lessons for the automotive industry. By Aaron H. Jacoby and Melanie S. Joo


By Aaron H. Jacoby and Melanie S. Joo


Earlier this month, the Consumer Financial Protection Bureau (or CFPB) announced it ordered GE Capital Bank (now known as Synchrony Bank) to provide an estimated $225 million in relief to consumers harmed by illegal and discriminatory credit card practices, making it the federal government's largest credit card discrimination settlement in history. This latest crackdown on deceptive credit card sales and marketing of add...

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