Consumer Bureau Said to Warn Banks of Auto Lending Suits
Bloomberg BusinessWeek
February 21, 2013
Dougherty, Carter
The U.S. Consumer Financial Protection Bureau has told at least four banks that it may sue them over vehicle loans and interest-rate markups by auto dealers that appear discriminatory, according to insiders. At least four banks received letters from the CFPB last week giving them 15 days to provide an explanation. The letters indicate the bureau believes the banks may have violated the Equal Credit Opportunity Act, a 1974 law that bars discrimination in lending.
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