Archive: 22 March 2013

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CFPB Issues Fair Lending Guidance for Indirect Auto Lenders

CFPB Issues Fair Lending Guidance for Indirect Auto Lenders

By: Melanie Brody , Stephanie C. Robinson

On March 21, 2013, the CFPB issued CFPB Bulletin 2013-02: Indirect Auto Lending and Compliance with the Equal Credit Opportunity Act. In this bulletin, the CFPB describes its understanding of how the indirect auto lending industry works, and describes its view on how ECOA applies to indirect auto lending—including its theory on lender liability for disparities in dealer markups. The guidance offers advice to bank and nonbank indirect auto lenders within the CFPB’s jurisdiction on how they can limit their indirect auto fair lending risk. Read More

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