Senate Votes To Roll Back Rules Aimed At Fair Auto Lending For Minorities
“The Senate approved a measure Wednesday that would roll back policies designed to protect minority car buyers from discriminatory loan terms. Republicans passed the bill by a narrow margin, and it now moves on to the House. The policy was issued in 2013 by the Consumer Financial Protection Bureau. Congress is using a new interpretation of the Congressional Review Act to change it. This unprecedented tactic could reverse thousands of regulations that Congress dislikes. In the auto loan marketplace, pricing isn’t transparent, so it’s easy for dealers to take advantage of unwitting consumers.”