CFPB Crackdown On Banks May Shake Up Auto Loan Market

Law360, New York (March 21, 2013, 7:26 PM EDT) -- The Consumer Financial Protection Bureau on Thursday said it plans to hold banks liable for funding an auto dealers' discriminatory loans, raising the prospect of enforcement actions that may well drive more fundamental changes in the structure of the U.S. auto loan market.

In a bulletin to banks, credit unions and other lenders, the CFPB said lenders involved in the so-called indirect lending process would be held responsible if the dealers they work with are caught charging higher variable interest rates to minorities, women or other...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.