Posted on 02/11/2016 6:52:51 AM PST by SeekAndFind
As Obama's consumer watchdog agency kneecaps yet another car lender for payola for Democrat constituents, Hillary Clinton and Bernie Sanders pledge to double down on the monstrous abuses carried about by the agency.
The five-year-old Consumer Financial Protection Bureau, now the single most powerful and least accountable federal agency in Washington, just put a $22 million hit on Toyota Motor Credit over more trumped-up racism charges.
All told, the out-of-control agency has extracted more than $220 million from the auto finance industry, including major players Ally Bank, Honda and Fifth Third Bank. Several other lenders are under anti-bias investigation.
The CFPB admits "the investigation did not find that Toyota intentionally discriminated against its customers" but only that its interest rates "resulted in discriminatory outcomes."
The crackdown has little to do with racial equality and every thing to do with equalizing credit outcomes. Under the terms of the settlement, Toyota must cap the retail interest rates it charges car buyers.
Toyota asserts "it has treated all of its customers fairly and without regard to impermissible factors such as race or national origin" and settled "solely for the purpose of avoiding contested litigation." The Torrance, Calif.-based company also states that it "disagrees with the agencies' methodologies" for determining discrimination.
A recently released 20-page investigative report by the House banking committee blasted CFPB for "engineering its desired result" by ignoring "factors other than discrimination" for disparities in loan outcomes.
"The bureau unfairly compares borrowers who are not similarly situated," the report found, and does not base its cases "on actual discrimination," but "on statistics generated by the bureau's flawed disparate impact methodology."
(Excerpt) Read more at investors.com ...
The DC mafia.
Jesse did this to Toyota about 15 years ago, after doing the same to Budweiser and others.
Extortion politics got its start in old Chicago under such heavyweights as Al Capone and Bugs Moran. It had been nurtured to perfection by the likes of the Kenelley and the Daley clans and is now alive and thriving in DC under one of Chicago’s most able crooked political acolytes, Barack Hussein Obama. Unexpected? Not!
This explains ford moving down to mexico.
Insane!
Results of such as this worked great in the real estate with the banks, that were ‘too big to fail?’
Unintended consequences? Will the gov buy the repos coming as a result.
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