Senate poised to kill CFPB effort to prevent racial discrimination in auto loan market

Ally Financial, one of the nation’s largest automobile lenders, paid $98 million after the CFPB accused it of charging 235,000 minority borrowers higher rates. On average, black, Latino and Asian American customers paid from $200 to more than $300 more for auto loans than did white customers who were equally creditworthy, federal officials alleged. American Honda agreed to pay $24 million to borrowers to settle its case, and Fifth Third Bank paid $18 million. None admitted wrongdoing.