NCRC Applauds CFPB Announcement on Regulation of Auto Lenders Under ECOA
Washington, DC – Today, the National Community Reinvestment Coalition (NCRC) applauded the Consumer Financial Protection Bureau’s (CFPB) announcement that it will regulate indirect auto lenders under the Equal Credit Opportunity Act (ECOA). Indirect auto lending is auto lending provided through dealerships from third party lenders. NCRC President and CEO John Taylor made the following statement:
“We applaud the CFPB for this announcement. Auto lending is an area where consumers have long been exposed to and victim to rampant discrimination and disparate treatment. The CFPB’s regulation of auto lending is a highly welcome development. For far too long, this realm has been largely unscrutinized by federal regulators.”
“Consumers will benefit from CFPB’s scrutiny of dealer markup and compensation policies and other practices that can be discriminatory. The fact that the CFPB will be regulating in this area is a very positive thing.”
“Yet again, the CFPB has demonstrated their attentiveness to pressing consumer issues, and shown true vigilance in working to ensure a more equitable financial marketplace for consumers. It should be clear to all that there is a new regulatory cop on the beat, looking out for the American public.”
CFPB Director Richard Cordray will give a keynote address at the National Community Reinvestment Coalition’s Annual Conference on Friday, March 22 at 8:00 a.m. NCRC’s Annual Conference is March 20-23 at the Capital Hilton Hotel in Washington, DC. This event is open to press. For more information, please contact Eric Hersey at firstname.lastname@example.org or 202-524-4880.