The Senate just voted to kill a policy warning auto lenders about discrimination against minority bo

[octoberlib]

The Senate just voted to kill a policy warning auto lenders about discrimination against minority borrowers

The Senate on Wednesday voted to kill a five-year-old Obama administration policy warning auto lenders not to discriminate against minority borrowers.

The legislation, which passed 51 to 47 largely along party lines, is the latest Republican rebuke of the Consumer Financial Protection Bureau’s history of aggressive tactics. Sen. Joe Manchin III (W.Va.) was the only Democrat to vote in favor of the measure.

The auto industry complained for years about the CFPB guidance, which they said was unfair.“The CFPB wrongly used its overreaching, indirect auto-lending guidance as an enforcement weapon, proceeding down the path of an aggressive enforcement action in search of ‘market-tipping settlements,’ ” said Sen. Jerry Moran (R-Kan.), who sponsored the legislation.

Democrats and consumer advocates cautioned that rescinding the CFPB guidance would encourage bad behavior in the more than $1 trillion auto finance market. “Many auto dealers are actively discriminating against people of color. This behavior is pervasive, and the CFPB’s guidance would help to end it,” said Karl Frisch, executive director of the consumer watchdog organization Allied Progress. “They may try to dress it up with political spin, but today the Senate endorsed discrimination.”

https://www.washingtonpost.com/news/business/wp/2018/04/18/the-senate-just-voted-to-kill-a-policy-warning-auto-lenders-about-discrimination-against-minority-borrowers/?utm_term=.ce60f4847c36

[unblock]

1. they can't even deal with *guidance* encouraging them to do the right thing.

this is not even about forcing anyone to do anything.

it's merely *guidance*. just a suggestion.

but hey, suggestions are a step down a slippery slope to "aggressive enforcement actions", so we can't have that.


but here, let me shove a picture of a fetus in your face.

[octoberlib]

3. It's ridiculous. They claim it was causing lawsuits. Do the right thing and there would be no

lawsuits. All the lawsuits and settlements paid out just shows how much that guidance was needed.

[Eliot Rosewater]

2. GOP hates minorities.

[octoberlib]

4. And one Democrat. Joe Manchin never fails to vote yay on the most reprehensible things.

[Eliot Rosewater]

5. And any democrat 1% more liberal than him will NEVER get elected there

[octoberlib]

6. Don't recall seeing any Trump voters holding up signs calling for auto lenders not to give

loans to minorities. This is about Manchin's donors.

[Eliot Rosewater]

7. I choose not bash in anyway any Dem until the fire that is killing the human race is put out

[octoberlib]

9. I agree with you except when it comes to racism and bigotry. They won't get a a pass from me on that

[LanternWaste]

10. Such is the allegation.

Such is the allegation. Unsupported of course... but without a narrative, we have little else.

[Eliot Rosewater]

11. Tell ya what, you go ahead and test the theory, risk the GOP taking the seat, I on the other

hand will advocate for people to work like DOGS to protect the seat and if that means supporting him, so be it.

[LanternWaste]

8. The sub-prime auto debt being repackaged and sold is almost double

The sub-prime auto debt being repackaged and sold is almost double that from a year ago (just under two billion today), while the losses on these loans have increased from just over 4% to 8% today. All it will take is one lender losing access to the market.

Not to say it would ever reach the magnitude of the housing crises of 2008 (a magnitude of difference of scale), but the GOP is putting those same broken pieces back into play.

[octoberlib]

12. This whole repackaging and selling debt scam should be illegal.

Thanks for the info.

[lpbk2713]

13. Are we at the MAGA point yet?

Not a surprise given the prevailing climate in DC.