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Home » Store » Non-Mortgage Regulation » House GOP Slams CFPB ‘Cover Up’ Over Indirect Auto Finance Data

House GOP Slams CFPB ‘Cover Up’ Over Indirect Auto Finance Data

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Non-Mortgage Regulation

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Republican leadership on the House Financial Services Committee is accusing the CFPB of engaging in a cover up, slamming the agency for deliberately using flawed data that falsely suggests auto dealers are discriminating in the pricing of loans to minority buyers. The Republican staffers on the committee released a number of documents that appear to show the officials at the CFPB not only were aware their data was flawed but also that they discussed how to prevent people outside the agency from discovering it. For instance, a May 2013 draft of a memo to CFPB Director Richard Cordray revealed that bureau staff had “reason to believe that our proxy is less accurate in identifying the race/ethnicity of particular individuals than ...
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