Congress could (and will) kill safeguard against auto lending discrimination

Congress could kill safeguard against auto lending discrimination

By Matt Egan April 17, 2018: 6:25 PM ET

Congress is considering killing an Obama-era rule that protects Americans from discriminatory car loans.

The Senate is expected to vote Wednesday on whether to repeal auto lending regulations aimed at ensuring that minority car buyers aren't charged higher interest rates.

Critics of the 2013 rule argue that the Consumer Financial Protection Bureau overstepped its authority, hurting both the auto industry and car buyers.


McConnell said that overturning the rule would "protect consumers" and halt a "brazen attempt" by the CFPB to "interfere in the auto industry." He noted that Dodd-Frank, the post-financial crisis law that created the CFPB, prohibited the consumer watchdog agency from regulating auto dealers.

http://money.cnn.com/2018/04/17/investing/auto-lending-discrimination-congress/index.html

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