US FTC: Franklin Acceptance to pay record $800,000 civil penalty to settle FTC charges.

0 Comments | M2 Presswire, May, 1999

M2 PRESSWIRE-14 May 1999-US FTC: Franklin Acceptance to pay record $800,000 civil penalty to settle FTC charges of violating equal credit opportunity act (C)1994-99 M2 COMMUNICATIONS LTD RDATE:130599 * Fair Credit Reporting Act Violations Also Settled The Federal Trade Commission has negotiated the largest civil penalty ever obtained in a settlement of alleged violations of the Equal Credit Opportunity Act (ECOA).

Franklin Acceptance Corporation (Franklin), a Philadelphia-based finance company engaged primarily in the business of purchasing installment sales contracts from automobile dealers, was charged by the FTC with violating several provisions of the ECOA. The complaint alleges that Franklin refused to consider income from public assistance or...