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CFPB, DOJ free Toyota Motor Credit from consent order

Toyota Motor Credit Corp. said a consent order it entered with Consumer Financial Protection Bureau and the U.S. Department of Justice in February will be terminated.

The termination is conditioned upon Toyota Motor's completion of the distribution of the consumer restitution funds required by the consent orders and is effective May 1. In a consent order filed Feb. 2, the CFPB said Toyota Motor Credit violated the Equal Credit Opportunity Act and its implementing regulation by permitting dealers to charge higher interest rates to consumer auto loan borrowers on the basis of race and national origin.

Also, Toyota Motor and the DOJ have sought final court approval of a joint stipulation that the company has satisfied its obligations under the consent orders, which is anticipated in the next few weeks.