House Democrats Seek Details on Consumer Bureau Auto Loan Rules

May 30, 2013
Bloomberg 
consumer financial protection bureau news

In a letter to the Consumer Financial Protection Bureau, 13 Democratic members of the House Financial services Committee requested details on how the agency plans to enforce new rules on auto loan bias. The lawmakers demanded "any and all background information" about the CFPB's probe into allegedly unfair practices in the industry and also requested specifics on the agency's methodology for assessing discrimination. The letter pertains to supervisory guidance the CFPB issued in March that directs lenders to avoid funding discriminatory loans issued by auto lenders. "Consumers must be able to shop for credit without fear of discriminatory practices, and the consistent enforcement of anti-discrimination statutes is an essential part of ensuring that consumers have access to affordable credit," the letter read.
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