U.S. Justice Dept questions JPMorgan over auto lending practices

Fortune

(Reuters) – JPMorgan Chase said on Tuesday the bank has been questioned by the U.S.Department of Justice over auto lending practices that possibly resulted in discrimination.

The largest U.S. bank said in an annual filing with the U.S. Securities and Exchange Commission that the Justice Department is looking at whether auto loans made by car dealerships to borrowers of different races and ethnicities may have been marked up.

JPMorgan [fortune-stock symbol=”JPM”] is the fifth-largest U.S. auto lender behind Ally Financial Inc, Wells Fargo & Co, Toyota Motor Corp’s in-house lending arm and Capital One Financial Corp, according to Experian Automotive.

Ally settled an investigation into similar discriminatory lending practices with the Justice Department and the U.S. Consumer Financial Protection Bureau in December 2013 for $98 million. Toyota Motor Credit Corp said in December that it faced an enforcement action from U.S. authorities over whether auto loans it offered through…

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