Editorial Comment: The CFPBs attempt to offer fair auto lending to consumers has become a bump in the road to both sides of the issue, as some of the articles presented here do indicate:
As recently as last week, members of Congress sent a letter to the Consumer Financial Protection Bureau (CFPB) indicating that their rulings could hurt consumers more than protect them, calling he auto lending ruling "unrealistic."
Auto lending reforms sought by the Consumer Financial Protection Bureau could hurt consumers, congressional Republicans warned today. In a letter sent to the bureau, Rep. Spencer Bachus of Alabama and 34 other U.S. House Republicans said that paying dealerships a flat fee for every auto loan rather than a cut of the interest rate -- which the bureau says is needed to curb bias -- would raise borrowing costs or shut poorer buyers out of the new-car market. "The controls strike us as onerous and unrealistic," the letter said, "and restricting consumer choice is highly problematic."
Opinions arise on both sides of the issues arising from guidelines and rulings put forth by the Consumer Financial Protection Bureau, and it promises to get uglier before any resolutions arise from the dust. [Read more]The Article Auto Dealers Face Puzzling Issues under CFPB Rulings appeared first on Automotive Digest.