House Republicans, including 27 members of the Financial Services Committee, sent a letter dated June 20 to the Consumer Financial Protection Bureau (CFPB) expressing concern about the intent and methodology of the bureau's new fair-lending guidelines for auto lenders. In March, the CFPB told indirect auto lenders to bolster oversight of dealers they work with, warning them of reported interest rate disparities in car loans issued to minority borrowers. The letter asked the agency to provide details of how the CFPB determined both the background of certain borrowers and the pricing discrepancies, among other things. Legislators asked the CFPB to respond within 30 days.
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