U.S. Chamber calls for federal auto-lending rules

Wants CFPB to write detailed auto-lending rules

The U.S. Chamber of Commerce is calling for the Consumer Financial Protection Bureau (CFPB) to write detailed auto lending rules in an effort to have a “cleaner road map” for making car loans. The CFPB had warned a year ago that it was probing auto-lending practices for discrimination against minorities and women; however, the new federal agency has said it doesn’t need to wire rules because current existing anti-discrimination laws are sufficient.

Autonews.com reports that in a letter last week to CFPB Director Richard Cordray, the Chamber called for the CFPB to provide auto lenders with specific rules for loans arranged at dealerships instead of forcing companies to interpret and apply guidelines tailored for individual lenders as part of "one-off" enforcement actions.

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Alexis Harrison

Alexis Harrison is a Connecticut-based writer and public relations professional whose career spans both print journalism and broadcast news. Alexis started her professional life as...

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