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Violation Tracker Individual Record

Company: Ally Financial Inc. and Ally Bank
Current Parent Company: Ally Financial
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Penalty: $98,000,000
Year: 2013
Date: December 20, 2013
Offense Group: consumer-protection-related offenses
Primary Offense: consumer protection violation
Secondary Offense: discriminatory practices (non-employment)
Mega-Scandal: Discriminatory Lending Practices
Violation Description: The Consumer Financial Protection Bureau and Department of Justice ordered Ally Financial Inc. and Ally Bank to pay $80 million in damages to harmed African-American, Hispanic, and Asian and Pacific Islander borrowers and $18 million in penalties. The CFPB and DOJ determined that more than 235,000 minority borrowers paid higher interest rates for their auto loans between April 2011 and December 2013 because of Ally's discriminatory pricing system.
Level of Government: federal
Action Type: agency action
Agency: Consumer Financial Protection Bureau
Civil or Criminal Case: civil
HQ Country of Current Parent: USA
HQ State of Current Parent: Michigan
Ownership Structure of Current Parent: publicly traded
Major Industry of Current Parent: financial services
Specific Industry of Current Parent: financial services
Source of Data: (click here)
Source Notes: If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.