The Consumer Financial Protection Bureau and the Department of Justice are examining the lending operations of major auto manufacturers for possible discrimination in lending, Bloomberg News reported on Friday. Toyota Motor Credit Corp., a financing arm of Japan’s Toyota Motor Corp., said in a Sept. 13 regulatory filing that the CFPB and Justice sought information from it “and other auto finance providers” about pricing practices for loans that the company funds for auto dealers. If the agencies find that Toyota violated the Equal Credit Opportunity Act, a 1974 law barring discrimination in lending, the company could face unspecified legal action, it said. American Honda Finance Corp., a unit of Honda Motor Co. Ltd., reported the same request, and added that enforcement action is possible.
