Violation Tracker Individual Record

Company: 
First Investors Financial Services Group Inc.
Penalty: 
$2,750,000
Year: 
2014
Date: 
August 20, 2014
Primary Offense: 
consumer protection violation
Violation Description: 

The Consumer Financial Protection Bureau took action against an auto finance company that was accused of distorting consumer credit records for years. The agency charged that First Investors Financial Services Group Inc., which lent primarily to subprime borrowers, failed to fix known flaws in a computer system that was providing inaccurate information to credit reporting agencies. CFPB ordered First Investors to pay a $2.75 million fine, fix its errors, and change its business practices.

Level of Government: 
federal
Action Type: 
agency action
Agency: 
Consumer Financial Protection Bureau
Civil or Criminal Case: 
civil
Source Notes: 
If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Parent company note: 
Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.