Auto Lending Anti-Discrimination Guidance Must Remain Intact
WASHINGTON, D.C. – A Government Accountability Office (GAO) letter released earlier this week in response to a Congressional inquiry threatens to undermine the Consumer Financial Protection Bureau’s (Consumer Bureau) 2013 indirect auto lending guidance. This important guidance is a key step to limit discriminatory impact of dealer interest rate markups in the auto lending industry. In the letter, the GAO concludes that the auto lending guidance is a Consumer Bureau “rule” and can be repealed through a Congressional Review Act (CRA). The Center for Responsible Lending (CRL) has been a staunch