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Ally Financial

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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.

Ally Financial
Basic information
Founded 1919
Legal structure Public
Industry Financial services
Official website http://ally.com

Consumer impact summary

Overview of concerns that arise from the company's conduct regarding (if applicable):

  • User Freedom
  • User Privacy
  • Business Model
  • Market Control

Add your text below this box. Once this section is complete, delete this box by clicking on it and pressing backspace.

Incidents

2013 discrimination settlement

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

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 cyberattacks, 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.[6] https://www.ally.com/invest/

See also

References

  1. ↑ https://www.consumerfinance.gov/about-us/newsroom/cfpb-and-doj-order-ally-to-pay-80-million-to-consumers-harmed-by-discriminatory-auto-loan-pricing/
  2. ↑ https://www.consumerfinance.gov/about-us/blog/harmed-ally-borrowers-have-been-sent-80-million-in-damages/
  3. ↑ https://news.bloomberglaw.com/ip-law/ally-breach-may-have-leaked-consumer-data-of-billions-suit-says
  4. ↑ https://www.bloomberglaw.com/public/desktop/document/OwensvAllyBanketalDocketNo324cv00811WDNCSep072024CourtDocket?doc_id=X5LVE5J58BA8CP8L7L86STUQPGQ
  5. ↑ https://natlawreview.com/article/ally-financial-faces-class-actions-over-data-breach
  6. ↑ https://news.bloomberglaw.com/ip-law/ally-breach-may-have-leaked-consumer-data-of-billions-suit-says
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