05/22/2018

Trump Signs Repeal of Auto-loan Policy That Targeted Racial Bias

The move caps off an unprecedented use of congressional power

President Donald Trump has repealed auto-lending guidance from the Consumer Financial Protection Bureau (CFPB), revoking a rule that was put in place to protect minority customers from predatory practices.

Trump’s signature on a congressional resolution erases the CFPB’s 2013 guidance targeting “dealer markups,” the additional interest that is added to a customer’s third-party auto loan as compensation for the dealer. 

The president signed the resolution in a private White House signing ceremony.

Please select this link to read the complete article from The Hill.