U.S. Chamber Pushes for Federal Auto-Lending Rules

February 14, 2014
Wall Street Journal 
auto financing news
The U.S. Chamber of Commerce wants the Consumer Financial Protection Bureau (CFPB) to give auto lenders a clearer road map for making car loans. The regulator warned in 2013 it was probing auto-lending practices for discrimination against minorities and women, but it has said it does not need to write rules because existing antidiscrimination laws are sufficient.

The Chamber, in a Feb. 12 letter to the CFPB, said the regulator was "fostering rather than eliminating ambiguity" as it probes whether numerous auto lenders are discriminating through higher interest rates. "If the bureau identifies areas in which it wants to fundamentally alter the rules, it should take the time to write new standards rather than rely on one-off enforcement and news release 'warnings' to other regulated companies," the Chamber said.

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