Page 15 - Cfpb News Today : Breaking News, Live Updates & Top Stories | Vimarsana

Toyota's auto loan scandal in the U.S. leads to a $60 million settlement. Here's what CFPB announced.

Toyota's auto loan scandal in the U.S. leads to a $60 million settlement. Here's what CFPB announced.

The Consumer Financial Protection Bureau on Monday ordered Toyota's credit arm to pay $60 million for tricking customers into unnecessary products that it then made unreasonably hard to cancel.

The Consumer Financial Protection Bureau on Monday said Toyota Motor Credit will pay a $12 million civil fine, and $48 million to harmed consumers. Toyota Motor Credit provides financing for people who buy vehicles at Toyota dealerships.

The U.S. consumer watchdog, not usually known to side with Wall Street lenders, has handed them a rare win by cracking down on Big Tech companies that are increasingly encroaching on banking turf. The Consumer Financial Protection Bureau (CFPB) last week proposed regulating payments and smartphone wallets provided by tech leaders like Apple and Google, arguing they now rival traditional bank services in scale and scope and should be subject to the same consumer safeguards. The long-anticipated move by CFPB Director Rohit Chopra, who built his career targeting Big Tech over privacy and compet...