The latest action against an auto lender underscores the CFPB’s expectation that lenders will affirmatively act to protect customers throughout and after the consumption of the transaction.
In the instant case the CFPB fined a lender nearly $3 million as a result of flaws with its automated credit reporting system that was providing inaccurate information to credit bureaus regarding the balances, dates of delinquencies and number of delinquencies.
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Ari Karen is an experienced litigator and speaker who has focused his practice in representing financial institutions in both government investigations and litigation before state and federal trial and appellate courts nationwide.
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