The former CEO of Ally Financial Inc. says the Obama administration abused its power by holding the bank’s business hostage in order to coerce a record settlement of “trumped-up” racism charges and push profit-killing new regulations on the entire auto-lending industry.
The huge $100 million deal has spooked several other major lenders into resolving similar race-bias charges and offering below-market rates to minorities for car loans.
Michael A. Carpenter, who helmed Detroit-based Ally from 2009 to 2015, complained in an exclusive interview that Obama’s powerful consumer watchdog agency threatened to derail the bank’s efforts to obtain key regulatory approvals if it didn’t agree to settle the allegations out of court.
“To be strong-armed by a regulator was inappropriate to say the least,” he said. “They absolutely knew they had tremendous leverage over us.”
Tuesday, March 08, 2016
BANK CEO REVEALS HOW OBAMA ADMINISTRATION SHOOK HIM DOWN
http://nypost.com/2016/02/21/bank-ceo-reveals-how-obama-administration-shook-him-down/
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