CFPB to carry Auto Lenders Responsible For Prohibited Discriminatory Markup

CFPB to carry Auto Lenders Responsible For Prohibited Discriminatory Markup

Bureau Provides Guidance on Fair Lending Methods to Indirect Auto Lenders

May 21, 2018, the President finalized a joint resolution passed away by Congress disapproving the Bulletin titled “Indirect car Lending and Compliance with all the Equal Credit Opportunity Act” (Bulletin), which had supplied guidance in regards to the Equal Credit Opportunity Act (ECOA) as well as its implementing legislation, Regulation B. In keeping with the joint resolution, the Bulletin doesn’t have force or effect. The ECOA and Regulation B are unchanged and stay static in effect and force. See more details on complying using the ECOA and Regulation B. The materials regarding the Bulletin from the Bureau’s website are for reference only.

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