Since we last reported on the Consumer Financial Protection Bureau (CFPB) and its controversial crusade to uncover racial discrimination by car dealers on interest rate markup on automobile loans, the agency has ordered over $100 million in fines and settlements against banks that some have deemed extortion. This has infuriated lenders and car dealers, and has frustrated lawmakers on both sides of the aisle.The tale continued last week as the House Committee on Financial Services revealed that their work on this case now includes trying to get the CFPB and Department of Justice to agree on that age-old problem on how to get white car buyers to admit that they are actually white.Let us review this investigation, which recently prompted the House committee to publish a report about the CFPB probe, titled “Unsafe at Any Bureaucracy: CFPB Junk Science and Indirect Auto Lending.”The Consumer Financial Protection Bureau is a regulatory agency formed in 2010 under the Dodd-Frank Act. Its operations and $541 million annual budget are not overseen by Congress. In 2012, the agency conjured up a theory: that automobile dealers were discriminating against minority car buyers by marking up the interest rate on their auto loans at a higher rate than they were for white clients. It is believed that there are no examples of any customer complaints to the CFPB or other agencies on the matter.Dealers… Read full this story
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The Continuing Saga of the Consumer Financial Protection Bureau and Dealer Interest Rate Markup on Car Loans, Part Two have 340 words, post on www.thetruthaboutcars.com at January 27, 2016. This is cached page on Vietnam Art News. If you want remove this page, please contact us.