Delving Into the CFPB’s “Unreasonable” Ally Bank Methodologies
A House report finds that the CFPB's methodologies of identifying minority borrowers harmed by Ally Bank and subject to compensation were dubious. One group of 200,000 borrowers was sent a notice explaining that they would receive remuneration unless they opted out. Another group of 200,000 borrowers received letters telling them they had to opt in if they wanted remuneration. Less than 1% opted out of the first group. Nearly half the respondents opted into the second group. [2/3/16]
