Ally Financial has agreed to pay a $98-million fine to settle an investigation into unfair lending practices overseen by the Justice Department and the Consumer Financial Protection Bureau (CFPB). In an investigation of lending practices in the year after April 2011, the government agencies determined that Ally Financial and Ally Bank charged roughly 235,000 Asian/Pacific Islander, Black and Hispanic borrowers higher interest rates than their credit profiles warranted and higher rates than white
The three-year investigation by the US Department of Justice into price-fixing allegations by auto parts suppliers continues, with two more fish from the swamp of corruption the latest to be sentenced. Reuters reports that Denso executives Yuji Suzuki and Hiroshi Watanabe will do 16 months and 15 months in US jails, respectively, for their roles in setting prices for parts like heater control units and power window systems. They will also each pay $20,000 fines.