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
“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.”
“‘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.'”
ColorOfChange, Working Families, Center for Popular Democracy and Americans for Financial Reform (AFR) delivered over 50,000 petitions urging Congress not to pass H.R. 1737, which would block the Consumer Financial Protection Bureau (CFPB) from working to fight discrimination in car loans.
“Supervision of nonbank auto financial institutions will bring much-needed attention to otherwise
lightly-regulated companies, will ensure compliance with consumer financial laws, and will
ensure that auto financing by banks, already subject to CFPB supervision, is not at a competitive
disadvantage.”
AFR and consumer groups decry a set of weak and flawed FTC rules for used car dealers.
On Nov. 8, 2012, AFR and the National Association of Consumer Advocates co-hosted this free webinar on abusive auto finance practices.
Below, read a summary of the Dodd-Frank law from AFR member Consumer Action. The landmark federal financial reform legislation (the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010) was designed to strengthen consumer protection of financial products and services, limit taxpayer liability for
Click here to see this information on the Demos site. July 15, 2010 By Caleb Gibson Heather C. McGhee Today, the Senate votes to pass the Dodd-Frank Wall Street Reform and Consumer Protection Act, sending the landmark legislation to President Obama’s desk for signature next week. The
The Center for Responsible Lending has produced a comprehensive bill summary of Title X of the Dodd-Frank Wall Street Reform and Consumer Protection Act, which focuses on the Consumer Financial Protection Bureau. Click here for a pdf version of the document.