American Honda Finance Corporation (AHFC) reached an agreement with the Consumer Financial Protection Bureau (CFPB) to settle the regulator’s allegations that the company reported inaccurate information that was then added to consumers’ credit reports.

The CFPB alleged that the company violated the Fair Credit Reporting Act (FCRA) by furnishing false and harmful information that ended up on borrowers’ credit reports, continuing doing so after determining that several types of information were inaccurate, failing to investigate disputes about information it provided to credit reporting companies, and failing to send the results of investigations to those companies and consumers, when required, the regulator said in a Friday (Jan. 17) press release.

AHFC is the auto financing arm of American Honda Motor Co. and the sole authorized distributor of Honda and Acura vehicles in the United States. The inaccurate information it provided affected the credit reports of 300,000 borrowers, according to the release.

“Honda Finance used sloppy practices that smeared the credit reports of hundreds of thousands of its customers,” CFPB Director Rohit Chopra said in the release. “False accusations on a credit report can have serious implications for Americans seeking a job, housing or a loan.”

The CFPB’s order resolving these charges requires AHFC to take steps to correct its prior erroneous reporting, pay $10.3 million in redress to harmed consumers and pay a $2.5 million penalty to the regulator’s victims relief fund.

Reached by PYMNTS, AHFC said in an emailed statement: “AHFC has not admitted any wrongdoing but resolved this matter to better focus on its customers. AHFC will continue its efforts to provide the best possible financing experience for its customers.”

This news came on the same day that consumer reporting agency Equifax agreed to a settlement and consent order that will resolve CFPB allegations that it failed to take steps to ensure the accuracy of its credit reports. That consent order requires the company to pay a $15 million civil penalty.

In November 2023, the CFPB ordered Toyota Motor Credit to pay a $60 million fine for engaging in illegal lending practices and credit reporting misconduct that knowingly tarnished consumers’ credit reports with false information.

In July 2022, the regulator ordered Hyundai to pay more than $19 million for providing inaccurate information to credit reporting companies and failing to take proper steps to deal with inaccurate information after it was identified.

NEW YORK, January 17, 2025–(BUSINESS WIRE)–KKR Real Estate Finance Trust Inc. (“KREF”) (NYSE: KREF) announced today that it plans to release its financial results for the fourth quarter 2024 on Monday, February 3, 2025, after the closing of trading on the New York Stock Exchange.

A conference call to discuss KREF’s financial results will be held on Tuesday, February 4, 2025 at 9:00 a.m. ET. The conference call may be accessed by dialing (844) 784-1730 (U.S. callers) or +1 (412) 380-7410 (non-U.S. callers); a pass code is not required. Additionally, the conference call will be broadcast live over the Internet and may be accessed through the Investor Relations section of KREF’s website at http://www.kkrreit.com/investor-relations/events-and-presentations. A slide presentation containing supplemental information may also be accessed through this website in advance of the call.

A replay of the live broadcast will be available on KREF’s website or by dialing (877) 344-7529 (U.S. callers) or +1 (412) 317-0088 (non-U.S. callers), pass code 4697062, beginning approximately two hours after the broadcast.

About KKR Real Estate Finance Trust Inc.

KKR Real Estate Finance Trust Inc. is a real estate finance company that focuses primarily on originating and acquiring senior loans secured by commercial real estate properties. KREF is externally managed and advised by an affiliate of KKR & Co. Inc. For additional information about KREF, please visit its website at www.kkrreit.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250117176772/en/

Contacts

Investor Relations:
Jack Switala
(212) 763-9048
kref-ir@kkr.com

Media:
Miles Radcliffe-Trenner
Tel: (212) 750-8300
media@kkr.com

The Presidential Leadership Scholars Program announced that State Finance Director Bill Poole has been selected as a member of the Presidential Leadership Scholars Class of 2025. As one of 57 Scholars, Director Poole will join accomplished leaders in education, healthcare, public service, business, and other sectors to learn and hone leadership skills through interactions with former presidents, noted academics and industry leaders.

For the past decade, PLS has united a broad network of established public and private sector leaders to collaborate and create positive change in their communities and across the world. Chosen for their demonstrated leadership and support of projects aimed at addressing challenges and improving communities, Scholars will participate in a six-month program focused on core leadership skills, including: vision and communication, decision making, and strategic partnerships.

“It is an incredible honor to be named to the 2025 Class of Presidential Leadership Scholars,” said Director Poole. “I look forward to interacting with and learning from past presidents and industry leaders. I am excited to work alongside peers from across the country that are dedicated to promoting civic engagement and working on issues that will improve our communities.”

In addition to visiting four presidential centers, scholars will participate in a personal leadership project addressing local and global issues.

“I am proud to surround myself with a dedicated team of public servants to help propel Alabama forward, and I am certainly glad that includes Bill Poole. It is very exciting Bill has been selected for the Presidential Leadership Scholars Program, and I know he will represent our state well,” said Governor Kay Ivey. “Congratulations to Bill as he continues taking steps to develop and best serve the people of Alabama.”

Bill Poole was appointed Finance Director for the State of Alabama on August 1, 2021. As Alabama’s chief financial officer, Poole serves as an advisor to the governor and the legislature on all financial matters and is charged with promoting and protecting the fiscal interests of the State of Alabama. He also serves as chairman of Innovate Alabama, the state’s first public-private partnership tasked with promoting entrepreneurship, technology and innovation. Poole was a member of the Alabama House of Representatives for eleven years, where he served as chairman of the House Ways and Means Education appropriations committee for eight of those years.

To learn more about the Presidential Leadership Scholars program, visit “Presidential Leadership Scholars.”