financetom
Business
financetom
/
Business
/
US regulator orders Honda unit to pay $12.8 million for harming drivers' credit reports
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
US regulator orders Honda unit to pay $12.8 million for harming drivers' credit reports
Jan 17, 2025 9:18 AM

(Reuters) - Honda's U.S. financing arm was ordered on Friday by the U.S. Consumer Financial Protection Bureau to pay $12.8 million for reporting inaccurate information that affected the credit reports of 300,000 drivers of Honda and Acura vehicles.

The CFPB said American Honda Finance deferred some drivers' loan payments during the COVID-19 pandemic, only to then tell credit reporting agencies that the drivers were delinquent when they should have been reported as current.

"False accusations on a credit report can have serious implications for Americans seeking a job, housing or a loan," CFPB Director Rohit Chopra said in a statement faulting the financing arm's "sloppy practices."

The $12.8 million payment includes a $2.5 million civil fine and $10.3 million in restitution to drivers.

(Reporting by Jonathan Stempel in New York)

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Kinetik Prices $250 Million of Sustainability-Linked Notes Due 2028
Kinetik Prices $250 Million of Sustainability-Linked Notes Due 2028
Mar 14, 2025
04:48 PM EDT, 03/14/2025 (MT Newswires) -- Kinetik ( KNTK ) said Friday its unit Kinetik Holdings LP has priced an offering of $250 million 6.625% sustainability-linked senior notes due 2028 at 101.25% of par, plus accrued and unpaid interest from Dec. 15. Net proceeds will be for general corporate purposes, including the repayment of debt, the company said, adding...
Globalstar Insider Sold Shares Worth $1,144,792, According to a Recent SEC Filing
Globalstar Insider Sold Shares Worth $1,144,792, According to a Recent SEC Filing
Mar 14, 2025
04:50 PM EDT, 03/14/2025 (MT Newswires) -- Timothy Evan Taylor, Director, Vice President, Finance & Operations, on March 12, 2025, sold 52,666 shares in Globalstar ( GSAT ) for $1,144,792. Following the Form 4 filing with the SEC, Taylor has control over a total of 616,811 common shares of the company, with 243,900 shares held directly and 372,911 controlled indirectly....
Dream Finders Homes Insider Sold Shares Worth $998,185, According to a Recent SEC Filing
Dream Finders Homes Insider Sold Shares Worth $998,185, According to a Recent SEC Filing
Mar 14, 2025
04:49 PM EDT, 03/14/2025 (MT Newswires) -- William Radford Lovett II, 10% Owner, Director, on March 12, 2025, sold 40,573 shares in Dream Finders Homes ( DFH ) for $998,185. Following the Form 4 filing with the SEC, Lovett has control over a total of 4,522,735 Class A common shares of the company, with 22,349 shares held directly and 4,500,386...
Toast Insider Sold Shares Worth $1,129,531, According to a Recent SEC Filing
Toast Insider Sold Shares Worth $1,129,531, According to a Recent SEC Filing
Mar 14, 2025
04:42 PM EDT, 03/14/2025 (MT Newswires) -- Deval L Patrick, Director, on March 13, 2025, sold 34,222 shares in Toast (TOST) for $1,129,531. Following the Form 4 filing with the SEC, Patrick has control over a total of 13,260 Class A common shares of the company, with 13,260 shares held directly. SEC Filing: https://www.sec.gov/Archives/edgar/data/1650164/000165016425000099/xslF345X05/wk-form4_1741984757.xml ...
Copyright 2023-2026 - www.financetom.com All Rights Reserved