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Monday, March 10, 2014

Hensarling Threatens to Subpoena CFPB on Indirect Auto Lending

House Financial Services Committee Chairman Jeb Hensarling (R-Texas) demanded that the CFPB supply information that members of Congress have repeatedly sought on the bureau’s indirect auto lending guidance and its methodology in determining whether fair lending violations exist. Hensarling wrote:

“By refusing to disclose this information, the Bureau has deliberately deprived indirect auto lenders of any meaningful way to tailor their company’s lending practices and compliance systems so as to mitigate or eliminate the fair lending risk the Bureau assets to be present.”

Hensarling said if the requested information is not provided by March 13, the committee would “have no choice but to consider invoking its compulsory process.”

Read the letter.

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