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Articles tagged with: Auto Lending

TOWS/AFR Statement: New Poll Reveals Strong Public Support to Stop Lending Discrimination
May 11, 2018 – 2:39 pm

A new poll reveals overwhelming public support for government action to stop lenders from discriminating against borrowers of color. Lawmakers who voted to roll back the Consumer Financial Protection Bureau’s effort to guard against discrimination in auto lending were steering against the will of their own voters.

AFR in the News: House Votes to Dismantle Bias Rule in Auto Lending (NY Times)
May 9, 2018 – 10:24 am

“‘“Companies will put millions of people into more expensive car loans simply because of the color of their skin,, said Rion Dennis, an advocate of financial overhaul at Americans for Financial Reform. ‘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.’”

AFR Statement: AFR Condemns House Vote to Abandon CFPB Auto Lending Guidance
May 8, 2018 – 4:57 pm

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.

AFR in the News: Senate Votes to Ease Restrictions on Auto Lending Discrimination (NY Times)
April 27, 2018 – 9:47 am

“‘“By voting to roll back the CFPB’s work, senators have emboldened banks and finance companies to engage in racial discrimination by charging millions of people of color more for a car loan than is justified,’ said Rion Dennis of Americans for Financial Reform, an advocacy group. ‘Lawmakers have also opened the door to challenging longstanding agency actions that are crucial to protecting workers, consumers, civil rights, the environment and the economy.’”

AFR in the News: ​Mulvaney’s Pay-to-Play an “undermining of democracy” (St. Louis Post-Dispatch)
April 24, 2018 – 12:20 pm

Americans for Financial Reform reported that the financial sector spent $2 billion on political activity in the 2016 election cycle, including $1.1 billion in campaign donations and the rest for lobbying. That’s $3.7 million for every member of Congress.

AFR Statement: Senate Rollback of CFPB Auto Lending Guidance Fosters Discrimination
April 18, 2018 – 12:51 pm

Senators who voted to reverse this important CFPB action have also opened the door to challenging long-standing regulatory actions that are crucial to protecting workers, consumers, civil rights, the environment, and the economy

AFR Statement: The House Puts Its Seal of Approval on Discriminatory Auto Lending
November 19, 2015 – 11:04 am

“Supporters of the “Reforming CFPB Indirect Auto Financing Guidance Act,” which passed by a vote of 332 to 96, have tried to hide behind a smokescreen of baseless questions and false claims supplied to them by industry lobbyists. But the clear intent of this bill is to block the Consumer Financial Protection Bureau (CFPB) from taking action to combat lending practices that lead to African-American as well as Hispanic and Asian-American borrowers being charged higher interest rates on auto loans.”

AFR in the News: Dozens Of Democrats Are About To Vote For Racial Discrimination At Car Dealerships (Huffington Post)
November 17, 2015 – 8:18 am

“‘Car dealers and lenders are attacking the guidance because they do not want the CFPB to enforce antidiscrimination laws in car lending,’ the nonprofit group Americans for Financial Reform wrote in a September letter to lawmakers. ‘They have known for decades that car dealer markups lead to discriminatory lending, and they would prefer the CFPB ignore this particular injustice.'”