08/04/2015
I. Consumer Financial Protection Bureau
A. American Honda Finance Corporation Disparate Impact Settlement
An investigation against Honda alleging discrimination against African-American, Hispanic, and Asian/Pacific consumers has been settled with the CFPB and U.S. Justice Department.
Allegations are that minorities have been discriminated against through dealer interest rate mark ups.
It has been agreed upon that Honda will charge 125 basis points (or 1.25% points) for short term loans and 100 basis points (or 1% points) for longer term loans.
Honda, also, has been directed to allocate $24 million for alleged victims of discrimination.
The Department of Justice estimates that African-Americans paid on an average, $250 more than the average consumer; Hispanics, $200, and Asian/Pacific Americans $150.
Honda was further directed to allocate $1 million toward a consumer financial education program.
Honda, as a part of the settlement, was directed to improve its monitoring and compliance systems.
B.. Warning Letters to Companies Selling Retail Goods Using the Military Allotment System
Some companies received warning letters regarding the sale of retail products to members of the military through the use of the military allotment system. Since January of 2015 service men and women are not eligible for the purchase of personal property (including cars) through the military allotment system.
II. Department of Justice
A. Settlement With Washington Dealership Over Employment Rights of Military Applicants
A U.S. Navy Airman was terminated because he expressed an intention to join the military. He consequently sued his employer, a Longview, Washing car dealership.
The Justice Department contended that his termination countered the Uniformed Services Employment and Reemployment Rights Act (USERRA).
The car dealership was ordered to compensate the airman in the amount of $15,500 for lost wages.
The dealership was also ordered to train Bud Clary Chevrolet’s managerial staff and Human Resource Department staff on the rules and regulations set forth by USERRA pertaining to employers and their indicated employees. In the document is wording that addresses the termination of employed persons pursuing a military career.
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