Congress Upends CFPB’s Indirect Auto Lending Guidance, Spares Payday Lending Rule

On May 21, 2018, President Trump signed into law a resolution disapproving the Consumer Financial Protection Bureau’s (CFPB) guidance on Indirect Auto Lending and Compliance with the Equal Credit Opportunity Act.  In that Guidance, the CFPB expressed the view that certain indirect auto lenders—that is, lenders that coordinate with dealerships to provide auto loans to consumers—are subject to the Equal Credit Opportunity Act and its anti-discriminatory provisions…

To read the full article in Consumer Law Round-Up, click: Congress Upends CFPB’s Indirect Auto Lending Guidance, Spares Payday Lending Rule.