Thirteen Democrats in the U.S. Congress have asked the Consumer Financial Protection Bureau for details on how it plans to enforce new rules on discrimination in auto lending, Bloomberg News reported yesterday. In a May 28 letter to the agency, the Democrats, all members of the House Financial Services Committee, demanded “any and all background information” about its investigation into alleged discrimination in the business, according to a copy of the letter. The group, five of whom are members of the Congressional Black Caucus, also asked for details on the methodology the agency uses to assess the presence of discrimination. And it asked for additional information on how lenders will have to comply with the rules. The letter concerns supervisory guidance the CFPB released on March 21 that directs lenders to avoid funding discriminatory loans made by auto dealers. The agency, created by the 2010 Dodd-Frank law, oversees banks with assets above $10 billion and enforces the Equal Credit Opportunity Act of 1974.
