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Oppose H.R. 1737 Reforming CFPB Indirect Auto Financing Guidance Act

November 13, 2015
Auto Loans
Letters to Congress

H.R. 1737 hides its intent behind a smokescreen of claims about process and regulatory jurisdiction. However, the bill is really about the unfair and discriminatory impact of car dealer interest rate markups. The bill seemingly targets guidance the CFPB released in March 2013 putting lenders on notice that it had evidence of discrimination in car loans held in lenders’ portfolios and gave assistance to lenders on how to avoid fair lending risk going forward. The bill is a misguided attack on the CFPB’s enforcement of anti-discrimination laws.