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Monday, November 18, 2013

Luetkemeyer Challenges CFPB on Auto Lending

Rep. Blaine Luetkemeyer (R-Mo.) wrote to CFPB Director Richard Cordray to express concern about the basis for the bureau’s actions on auto lending. Luetkemeyer was particularly concerned about the CFPB’s reliance on “disparate impact” analysis.

The CFPB has signaled its intent through bulletins and events in recent months to exercise regulatory authority over indirect auto dealers. Cordray encouraged alternative compensation models for indirect auto lending to reduce risk of violating fair lending laws, including flat fees and fixed percentages.

Read the letter.

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