CFPB Monetary Resolutions on the Rise — But That's OK | Auto Finance News | Auto Finance News

CFPB Monetary Resolutions on the Rise — But That’s OK

canstockphoto23783388Sometimes only money talks…

Consumer complaints, lodged via the Consumer Financial Protection Bureau’s complaint portal, can be closed a number of different ways by lenders, most notably with the dreaded “Monetary Resolution.”

Last year, 53 auto lenders resolved 230 complaints with monetary resolutions, compared with 42 companies in 2013. However, this type of closure is not to be confused with an admittance of wrongdoing, according to Attorney John Redding, partner at Buckley Sandler LLP.

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