22 senators demand CFPB answers auto lending policy questions, according to SubPrime Auto Finance News.
Dealer associations, legal service providers and industry organizations have sought clarity as to how the Consumer Financial Protection Bureau plans to determine if discrimination is taking place within indirect auto lending.
This week, a bipartisan group of 22 Senators — 11 Republicans and 11 Democrats — urged the CFPB to be more transparent about policy guidance it issued for indirect auto lending, which some suggest will curtail a pro-competitive financing service and may result in increased costs for consumers.
U.S. Senators Rob Portman, an Ohio Republican, and Jeanne Shaheen, a Democrat from New Hampshire, authored a letter to CFPB director Richard Cordray, raising a host of issues previously discussed by the National Automobile Dealers Association among other entities.