Oppose the Brownback amendment to exempt auto dealers from the CFPB. Data from several nationwide cases against the major auto lenders settled by the National Consumer Law Center and co-counsel from 2003 to 2007 showed widespread racial disparities, unrelated to credit risk, in the markups added by auto dealers to auto loan rates. As they do today,
Car Dealers Are Lenders/Creditors When the Consumer Gets both the Car and the Financing from the Dealer See this PDF for an example of a car loan. For the millions of consumers who get both the vehicle and financing at the dealership, auto dealers are “creditors.” Both the contract and the law say so. Take a
United States Senate Washington, DC 20510 May 4, 2010 Re: Cantwell Amendment 3786 to Restoring Financial Stability Act of 2010 authorizing CFTC to effectively enforce manipulation of derivatives markets Dear Senator: The over 250 consumer, employee, investor, community and civil rights groups who are members of Americans for Financial Reform (AFR) write to express strong
May 4, 2010 United States Senate Washington, D.C. 20510 RE: OPPOSE the Vitter-DeMint amendment (S. 3739), which proposes to strike Title XII Improving Access to Mainstream Financial Institutions, from the Restoring American Financial Stability Act of 2010 (S. 3217). Dear United States Senators: We, the undersigned civil rights, labor, public interest, and consumer advocacy organizations,
The Honorable Chairman Dodd Committee on Banking, Housing and Urban Affairs U.S. Senate Washington, D.C. 20510 March 22, 2010 Dear Chairman Dodd: The over 200 consumer, employee, investor, community and civil rights groups who are members of Americans for Financial Reform (AFR) would like to thank you for your strong efforts in passing comprehensive financial