Bureau Provides Assistance With Fair Lending Methods to Indirect Auto Lenders
The Bulletin has no force or effect on May 21, 2018, the President signed a joint resolution passed by Congress disapproving the Bulletin titled “Indirect Auto Lending and Compliance with the Equal Credit Opportunity Act” (Bulletin), which had provided guidance about the Equal Credit Opportunity Act (ECOA) and its implementing regulation, Regulation B. Consistent with the joint resolution. The ECOA and Regulation B are unchanged and stay in effect and force. See more information on complying utilizing the ECOA and Regulation B. The materials regarding the Bulletin in the Bureau’s site are for reference just.
WASHINGTON, D.C. – Today, the buyer Financial Protection Bureau (CFPB) circulated a bulletin explaining that particular loan providers offering automotive loans through dealerships have the effect of unlawful, discriminatory rates. Potentially discriminatory markups in car financing may lead to tens of huge amount of money in consumer harm every year, and also the bulletin provides guidance to indirect auto loan providers in the CFPB’s jurisdiction on how to deal with lending risk that is fair. Continue reading