Politico ------- President Donald Trump on Monday signed legislation that will undo a 2013 effort by the Consumer Financial Protection Bureau to discourage discrimination in auto lending. Guidelines issued by the consumer bureau outlined steps that lenders should take to address discrimination by auto dealers, who often determine the terms for car loans that they help facilitate for their customers. With the backing of auto dealers and lenders, Republicans who drove the rollback argued that the CFPB should have followed formal rulemaking procedures and sought more public feedback before issuing the guidelines. The 2010 Dodd-Frank law prohibits the bureau from regulating auto dealers. The CFPB guidance was addressed to lenders that fall under the bureau's jurisdiction. To learn more click on the picture below to read the article.
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