Consumer Financial Protection Bureau (CPFB) to expand its probe into the car loan industry to issue a summons to the sale of financial products, such as extended warranty car loan company, the Wall Street Journal reported on Thursday, citing people familiar with the investigation.
Consumer Bureau is investigating whether a car loan, as well as additional insurance products, such as terms and prices, appropriate disclosure. The probe followed a similar survey, deceptive marketing practices by credit card companies, the Wall Street Journal said.
Regulator, by the 2010 Dodd - Frank (Dodd-Frank) financial law right mortgage loan, credit cards and other products, CPFB has yet to decide whether to investigate the financial weapons of Toyota and Ford and other large auto manufacturers, but it does decision fining them if they violate the authority of the law, "the Wall Street Journal said, citing agency officials.
Ministry of Justice survey of car dealers, customer loans, poor credit rating, at a high interest rate, "the Wall Street Journal said, citing the views of Jon Seward, vice president of the department of housing and civil enforcement section.
The the CPFB warning in March, the high interest loans, auto loans objected that this practice discrimination of certain ethnic minorities.
Dealers often additional African-American and Hispanic borrowers higher fare increase according to the Consumer Bureau study.
Not reach CPFB outside the normal business hours by Reuters to comment.