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Volume 25 - Number 13

June 23, 2014

Bureau Appears Poised to Yield on Indirect Auto Proxy Methodology

Later this summer, the CFPB plans to release a white paper on the proxy methodology it employs to identify alleged discrimination in indirect auto financing, CFPB Director Richard Cordray told the House Financial Services Committee last week. This is one of a few bipartisan hot potatoes the bureau has been contending with on Capitol Hill. Back in March 2013, the CFPB issued a bulletin asserting authority to hold indirect auto lenders accountable for illegal, discriminatory pricing markups, and provided guidance to such lenders within the bureau’s jurisdiction as to how to appropriately handle fair lending risk. Consumer advocates were quick to embrace the bulletin, but the auto lending industry and its supporters in Congress have been pressing the bureau ever ...

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