Los Angeles, CA – October 1, 2015 – For the second time this week, the Consumer Financial Protection Bureau has flexed its muscles when it comes to reining in unscrupulous indirect auto loan financiers. Just days after taking action against Fifth Third Bank for auto-lending discrimination, the Bureau ordered a Los Angeles-based finance company and its auto title lending subsidiary to pay $48.3 million in fines and relief to affected borrowers stemming from a laundry list of allegedly illegal debt collection practices.
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For all of the repo agency owners and employees that did not think we had to worry about the CFPB …….. no you know !!!!!!
Get compliant fast and supervise your employees.
Oh and make sure to say Thank You to reality TV morons Lizard Lick Towing for shining the government spotlight onto our industry. Hope they enjoyed their 15 seconds on shame. The rest of the industry will have to deal with this from now on because of these disgraceful people PRETENDING to be recovery agents.