White loan borrowers are collecting settlement proceeds distributed by the Consumer Financial Protection Bureau (CFPB) intended for black, Hispanic and Asian people, according to the House Committee of Financial Services’ Wednesday report.
The CFPB is responsible for distributing $80 million in settlement proceeds to “more than 235,000 minority consumers” for alleged racial discrimination by auto-lender Ally Financial Inc. and Ally Bank. The agency, however, removed a number of safeguards in its claims process, making it susceptible to fraud.
To opt-in, borrowers were only required to indicate they were a member of one of the ethnicities eligible for payment, not specify which one.
“It is unclear whether Director Cordray personally approved this action, or whether the decision was made by Assistant Director Patrice Ficklin,” the report states. “When Committee staff asked why the Bureau had rejected the requirement, (staffer Rebecca) Gelfond replied ‘we are not in a position to question self-identification of race.'”
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It saddens me, to hear of my people emulating this fraud. We are better than this.
ReplyDeleteSo white people pay the bill.
ReplyDelete8:53 Mostl white people will end up paying the bill, yes.
ReplyDeleteIt makes those of us who aren't cheaters feel cheated, doesn't it?
ReplyDeleteSo, we have a Federal Government handling loans for anyone who is not white. No discrimination here.
ReplyDeleteGovernment for the people ! white , black , red , yellow. Get over it !
ReplyDeleteSame as the BP money is all going to fraud.
ReplyDeleteWho cheated who?
ReplyDeleteAnonymous said...
ReplyDeleteIt saddens me, to hear of my people emulating this fraud. We are better than this.
January 22, 2016 at 8:07 PM
Who are your people?