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AFR Statement: AFR Condemns House Vote to Abandon CFPB Auto Lending Guidance

Submitted by on May 8, 2018 – 4:57 pm

FOR IMMEDIATE RELEASE

May 8, 2018

CONTACT: Carter Dougherty; carter@ourfinancialsecurity.org(202) 251-6700

AFR Condemns House Vote to Abandon CFPB Auto Lending Guidance

Rion Dennis, financial reform advocate, Americans for Financial Reform:

“Lawmakers who supported the rollback of CFPB’s common-sense effort to curb discrimination in auto lending have sent a terrible message to communities of color in this country. Companies will put millions of people into more expensive car loans simply because of the color of their skin.”

“By using the Congressional Review Act to wipe out straightforward regulatory guidance, the congressional majority has also opened the door to challenging longstanding efforts to protect workers, consumers, civil rights, the environment and the economy. And it has sent a terrible message to current regulators about their obligations under the law.”

“In the era of mass incarceration, racial profiling and unaccountable police brutality, every member of Congress who voted for this bill has to explain why they do not believe people of color deserve the full protection of the federal government, especially given the long documented history of racial discrimination in auto lending.”

“Meanwhile, it is long past time for the Federal Trade Commission and Department of Justice, fulfill their roles in addressing persistent discrimination in auto lending.”

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