LAWSUITS NEWS & LEGAL INFORMATION
The US Department of Justice launched an investigation into Compass' automobile lending practices after the Federal Reserve Board, in 2003, found reason to believe that Compass Bank's loan pricing procedures constituted a practice of discrimination. In its complaint, the Justice Department alleged the bank had violated the Equal Credit Opportunity Act by charging car loan co-applicants who were not married higher rates than married couples. In a consent order filed in federal district court in Birmingham, Compass has agreed to pay as much as $1.75 million plus interest to unmarried co-applicants who were charged higher rates. (Jan-15-07) [MILWAUKEE BUSINESS JOURNAL: CAR LOAN DISCRIMINATION]
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Published on Jan-17-07