Ally Financial: Difference between revisions
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{{StubNotice}} | {{StubNotice}} | ||
{{CompanyCargo | {{CompanyCargo | ||
| Type = Public | |Type=Public | ||
| Founded = 1919 | |Founded=1919 | ||
| Industry = Financial services | |Industry=Financial services | ||
| Website = https://ally.com | |Website=https://ally.com | ||
| Logo = Ally Financial Logo.svg | |Logo=Ally Financial Logo.svg | ||
| Description = Ally Financial is a US-based company offering banking, securities, and other financial services through its subsidiaries | |Description=Ally Financial is a US-based company offering banking, securities, and other financial services through its subsidiaries. | ||
}} | }} | ||
''' | |||
'''{{Wplink|Ally Financial|Ally Financial Inc.}}''' is a US-based company offering banking, securities, and other financial services through its subsidiaries such as Ally Bank, Ally Invest Advisers Inc. and [[Ally Invest Securities]] LLC. | |||
==Consumer impact summary== | ==Consumer impact summary== | ||
{{ | {{Ph-C-CIS}} | ||
==Incidents== | ==Incidents== | ||
This is a list of all consumer-protection incidents this company is involved in. Any incidents not mentioned here can be found in the [[:Category:{{FULLPAGENAME}}|{{PAGENAME}} category]]. | |||
===Discrimination settlement ( | ===Discrimination settlement (''2013'')=== | ||
Due to Ally's discriminatory pricing system, more than 235,000 minority borrowers paid higher interest rates for their auto loans between April 2011 and December 2013. The | Due to Ally's discriminatory pricing system, more than 235,000 minority borrowers paid higher interest rates for their auto loans between April 2011 and December 2013. The {{Wplink|Consumer Financial Protection Bureau}} (CFPB) and {{Wplink|United States Department of Justice|Department of Justice}} (DOJ) ordered the company to pay $18 million in penalties and $80 million in damages to affected borrowers.<ref>{{Cite web |author= |title=CFPB and DOJ Order Ally to Pay $80 Million to Consumers Harmed by Discriminatory Auto Loan Pricing |url=https://www.consumerfinance.gov/about-us/newsroom/cfpb-and-doj-order-ally-to-pay-80-million-to-consumers-harmed-by-discriminatory-auto-loan-pricing/ |website=Consumer Financial Protection Bureau |date=20 Dec 2013 |access-date=4 May 2026 |url-status=live |archive-url=https://web.archive.org/web/20160513035046/https://www.consumerfinance.gov/about-us/newsroom/cfpb-and-doj-order-ally-to-pay-80-million-to-consumers-harmed-by-discriminatory-auto-loan-pricing/ |archive-date=13 May 2016}}</ref><ref>{{Cite web |last=Ficklin |first=Patrice Alexander |title=Harmed Ally borrowers have been sent $80 million in damages |url=https://www.consumerfinance.gov/about-us/blog/harmed-ally-borrowers-have-been-sent-80-million-in-damages/ |website=Consumer Financial Protection Bureau |date=29 Jan 2016 |access-date=25 Nov 2025 |url-status=live |archive-url=https://web.archive.org/web/20160501091546/https://www.consumerfinance.gov/about-us/blog/harmed-ally-borrowers-have-been-sent-80-million-in-damages/ |archive-date=1 May 2016}}</ref> | ||
===Data breach ( | ===Data breach (''2024'')=== | ||
Ally Financial experienced a data breach in April 2024 that revealed the personal data of millions of its clients.<ref name=":0">{{Cite web |last=Coyer |first=Cassandre | Ally Financial experienced a data breach in April 2024 that revealed the personal data of millions of its clients.<ref name=":0">{{Cite web |last=Coyer |first=Cassandre |title=Ally Breach May Have Leaked Consumer Data of Billions, Suit Says |url=https://news.bloomberglaw.com/ip-law/ally-breach-may-have-leaked-consumer-data-of-billions-suit-says |website=Bloomberg Law |date=9 Sep 2024 |access-date=25 Nov 2025 |url-status=live |archive-url=http://web.archive.org/web/20251018005936/https://news.bloomberglaw.com/ip-law/ally-breach-may-have-leaked-consumer-data-of-billions-suit-says |archive-date=18 Oct 2025}}</ref> A {{Wplink|class action}} lawsuit had been filed by July 2024,<ref>{{Cite web |last1=Wilkerson |first1=David M. |last2=Ostrow |first2=Jeff |title=''Owens v. Ally Bank and Ally Financial Inc.,'' (3:24-cv-00811) |url=https://www.bloomberglaw.com/public/desktop/document/OwensvAllyBanketalDocketNo324cv00811WDNCSep072024CourtDocket?doc_id=X5LVE5J58BA8CP8L7L86STUQPGQ |website=Bloomberg Law |date=7 Sep 2024 |access-date=4 May 2026 |url-status=live |archive-url=https://web.archive.org/web/20250708182944/https://www.bloomberglaw.com/public/desktop/document/OwensvAllyBanketalDocketNo324cv00811WDNCSep072024CourtDocket?doc_id=X5LVE5J58BA8CP8L7L86STUQPGQ |archive-date=8 July 2025}}</ref> claiming Ally did not properly secure customers' confidential information, such as Social Security numbers and auto account numbers. The suit also alleged that Ally failed to use computer software available for detecting and warding off cyber-attacks, and other measures needed to protect the hardware of its systems. Additionally, customer notifications were sent only with long delay.<ref>{{Cite web |last=Rattigan |first=Kathryn M. |title=Ally Financial Faces Class Actions Over Data Breach |url=https://natlawreview.com/article/ally-financial-faces-class-actions-over-data-breach |website=The National Law Review |date=24 Oct 2024 |access-date=25 Nov 2025 |url-status=live |archive-url=https://web.archive.org/web/20250708182935/https://natlawreview.com/article/ally-financial-faces-class-actions-over-data-breach |archive-date=8 July 2025}}</ref> Due to this data breach, customers' personal data was being stolen and sold on the dark web.<ref name=":0" /> | ||
==See also== | ==See also== | ||
*[[Ally Invest Securities]] | *[[Ally Invest Securities]] | ||
*[[Chase Bank]] | *[[Chase Bank]] | ||
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==References== | ==References== | ||
{{Reflist}} | |||
[[Category: | |||
[[Category: | [[Category:{{PAGENAME}}]] | ||
[[Category:Financial services companies]] | |||
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Ally Financial
| Basic information | |
|---|---|
| Founded | 1919 |
| Legal Structure | Public |
| Industry | Financial services |
| Also known as | |
| Official website | https://ally.com |
Ally Financial Inc. is a US-based company offering banking, securities, and other financial services through its subsidiaries such as Ally Bank, Ally Invest Advisers Inc. and Ally Invest Securities LLC.
Consumer impact summary
[edit | edit source]
Incidents
[edit | edit source]This is a list of all consumer-protection incidents this company is involved in. Any incidents not mentioned here can be found in the Ally Financial category.
Discrimination settlement (2013)
[edit | edit source]Due to Ally's discriminatory pricing system, more than 235,000 minority borrowers paid higher interest rates for their auto loans between April 2011 and December 2013. The Consumer Financial Protection Bureau (CFPB) and Department of Justice (DOJ) ordered the company to pay $18 million in penalties and $80 million in damages to affected borrowers.[1][2]
Data breach (2024)
[edit | edit source]Ally Financial experienced a data breach in April 2024 that revealed the personal data of millions of its clients.[3] A class action lawsuit had been filed by July 2024,[4] claiming Ally did not properly secure customers' confidential information, such as Social Security numbers and auto account numbers. The suit also alleged that Ally failed to use computer software available for detecting and warding off cyber-attacks, and other measures needed to protect the hardware of its systems. Additionally, customer notifications were sent only with long delay.[5] Due to this data breach, customers' personal data was being stolen and sold on the dark web.[3]
See also
[edit | edit source]References
[edit | edit source]- ↑ "CFPB and DOJ Order Ally to Pay $80 Million to Consumers Harmed by Discriminatory Auto Loan Pricing". Consumer Financial Protection Bureau. 20 Dec 2013. Archived from the original on 13 May 2016. Retrieved 4 May 2026.
- ↑ Ficklin, Patrice Alexander (29 Jan 2016). "Harmed Ally borrowers have been sent $80 million in damages". Consumer Financial Protection Bureau. Archived from the original on 1 May 2016. Retrieved 25 Nov 2025.
- ↑ 3.0 3.1 Coyer, Cassandre (9 Sep 2024). "Ally Breach May Have Leaked Consumer Data of Billions, Suit Says". Bloomberg Law. Archived from the original on 18 Oct 2025. Retrieved 25 Nov 2025.
- ↑ Wilkerson, David M.; Ostrow, Jeff (7 Sep 2024). "Owens v. Ally Bank and Ally Financial Inc., (3:24-cv-00811)". Bloomberg Law. Archived from the original on 8 July 2025. Retrieved 4 May 2026.
- ↑ Rattigan, Kathryn M. (24 Oct 2024). "Ally Financial Faces Class Actions Over Data Breach". The National Law Review. Archived from the original on 8 July 2025. Retrieved 25 Nov 2025.