Fifth Third Bank to pay $5 million to settle auto insurance allegations – The Washington Post
Fifth Third Bank has agreed to pay millions of dollars to settle allegations that it forced auto loans. The scheme led to customers taking out duplicate auto insurance policies, resulting in higher monthly payments and, in some cases, resulting in the seizure of vehicles from customers who could not pay. The Consumer Financial Protection Bureau […]
CFPB Takes Action Against Fifth Third for Wrongfully Triggering Auto Repossessions and Opening Fake Bank Accounts – Consumer Financial Protection Bureau
Washington DC – The Consumer Financial Protection Bureau (CFPB) today took action against Fifth Third Bank for a series of illegal activities that will result in the bank paying a $20 million penalty and providing compensation to approximately 35,000 affected consumers, including approximately 1,000 who had their vehicles repossessed. Specifically, the CFPB is ordering Fifth […]
Stellantis Temporarily Laying Off 1,600 Auto Workers
Multinational automaker Stellantis will temporarily lay off about 1,600 auto workers at its Warren Truck Assembly Plant outside Detroit, Michigan, after executives cut production. Stellantis executives Announced The company cut production at its Warren plant from two shifts a day to one this month and imposed layoffs, but executives said the layoffs were “to keep […]
US auto sales projected to slump in June due to disruption from CDK outage
Ryan Payne, President of Payne Capital Management, appeared on “Mornings with Maria” to explain the latest data on the auto industry. U.S. new vehicle sales are expected to fall this month compared to June 2023 due to an outage at software provider CDK Global that affected dealerships across the country, according to a new report. […]
Bank of America likes this new AI play from the auto sector – CNBC
Bank of America says investors should keep an eye on leading automotive software stocks before a multiyear adoption cycle of artificial intelligence (AI)-enabled dash cam technology. “Samsara (IOT) is revolutionizing road safety,” analyst Matt Block wrote in a note Thursday. “While dash cam hardware is relatively commoditized, the secret is the company’s software, which provides […]
Auto dealers face software outage after provider hit by cyber incidents
See what’s clicking on FoxBusiness.com CDK Global, a company that provides software to car dealerships, has been hit by a second cyber incident within days, causing a nationwide outage. The company notified dealers that it was “again proactively shutting down the majority of our systems” in response to an “additional cyber incident” that occurred Wednesday […]
Auto worker tells CNN his plan to defy union’s Biden endorsement as groundswell of support for Trump grows
Members of the United Auto Workers (UAW) union spoke to CNN about why more of their members are supporting Donald Trump for president. Earlier this year, the U.A.W. approved President Joe Biden is up for reelection. The unions argued that Biden is the right candidate because he stands with autoworkers and understands the concerns of […]
Auto leaders’ venture company picks North Carolina global headquarters
A venture formed by seven of the world’s largest automakers plans to set up its global headquarters in North Carolina after receiving more than $3 million in taxpayer subsidies as potential compensation. IONNA says it was formed with the goal of “redefining, leading, innovating, creating and driving charging as an end-to-end integrated customer experience” in […]
Man named ‘Optimus Prime’ arrested for auto theft: Texas police
Law enforcement officials in Austin, Texas, arrested a man bearing the name of a well-known “Autobot” leader last week for allegedly stealing a vehicle. The Austin Police Department FOX 7 in AustinOptimus Prime Blakely, 37, was charged with unauthorized use of a motor vehicle. According to the affidavit, Blakely was stopped by officers on June […]
Police arrest 91-year-old Canadian auto parts billionaire Frank Stronach on sexual assault charges
Austrian-Canadian auto parts tycoon Frank Stronach has been arrested on suspicion of sexual assault spanning decades, police say. Peel Regional Police said the 91-year-old man was charged Friday with five offences, including rape, indecent acts with a female, sexual assault and forcible confinement. A police statement said the man was released on conditions and is […]