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Thursday, October 31, 2013

Senators Query CFPB Guidance on Indirect Auto Loans

Twenty-two senators—11 Democrats and 11 Republicans—wrote to CFPB Director Richard Cordray to request more information about how the bureau developed its March guidance on indirect auto lending. “Although the CFPB has alleged that ‘disparate impact’ discrimination is present in the indirect auto financing market, the Bureau has yet to explain its basis for this assertion,” the senators wrote.

They requested information about the CFPB’s statistical methodology in determining that guidance was needed, asked why the bureau used guidance rather than notice-and-comment rulemaking and asked the CFPB to explain whether it conducted a cost-benefit analysis of the guidance’s potential effects on auto lending.

Read the letter.

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