On the same day The Wall Street Journal published an op-ed piece critical of the CFPB’s targeting of the indirect auto finance channel, a bipartisan bill was introduced that aims to repeal the bureau’s guidance on dealer participation.
CFPB Director Richard Cordray fielded questions about dealer compliance programs and a recent study calling out the bureau’s methods for determining discrimination during a semi-annual report to Congress earlier this month.
A House committee released a report this week that raised questions about how the National Highway Traffic Safety Administration responded to consumer complaints regarding faulty ignition switches on GM vehicles.
The NADA is urging Congress to pass a new bipartisian bill introduced this month that would nullify the CFPB’s guidance on auto lending and require more transparency from the bureau in the future.
A lawyer with the CFPB’s Office of Enforcement made an impassioned plea before Congress yesterday, asking that the agency’s widespread discriminatory and retaliatory practices against its employees be curtailed.
Rep. Jeb Hensarling, on behalf of the House Financial Services Committee, released a video Monday calling on the CFPB to make its advisory council meetings open to the public.
Three Republican lawmakers are requesting information from the CFPB regarding employee performance reviews after reports surfaced last week about possible racial disparities related to its internal management practices.
The CFPB was short on details when it responded last week to 35 House Republicans who requested additional information on the bureau’s review of dealer participation programs.
Thirty-five congressional republicans warn the bureau that reforms it seeks in the auto finance industry could weaken marketplace competition and hurt a consumer’s ability to obtain the best financing terms.
Thirteen Democrats in Congress sent a letter to the CFPB's Richard Cordray, asking for “any and all background information” on the bureau's investigations of auto finance.
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