Tag Archives: Auto Lending

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News Release: AFR Statement On House Hearing On Auto Lending Discrimination

“A car is fundamentally important to many Americans ability to get to work and to take care of themselves and their families,” said Rion Dennis, advocacy and legislative strategist, at Americans for Financial Reform. “Congress, and the regulators – including both the CFPB and the FTC – need to take forceful action to end the injustice of people of color being charged more to purchase and drive one.”

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AFR in the News: House Votes to Dismantle Bias Rule in Auto Lending (NY Times)

“‘“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.’”

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AFR in the News: Senate Votes to Ease Restrictions on Auto Lending Discrimination (NY Times)

“‘“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.’”

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AFR Statement: The House Puts Its Seal of Approval on Discriminatory Auto Lending

“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.”

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AFR in the News: Dozens Of Democrats Are About To Vote For Racial Discrimination At Car Dealerships (Huffington Post)

“‘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.'”