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Consumer Financial Protection Bureau to Sue Four Banks for Discriminatory Car Loans

The Consumer Financial Protection Bureau (CFPB) has given four banks 15 days to explain vehicle loans and interest-rate increases that the bureau says seem to be discriminatory. If proper explanations are not given, CFPB says it may sue the banks.

Formed by the poorly-written and even more poorly-executed Dodd-Frank financial reform law, CFPB oversees banks that have $10 billion or more in assets. The bureau has no jurisdiction over auto dealers though.

At the time of this writing, CFPB had not named the banks it was looking into nor given any specifics about the possible violations.

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The author has many years of experience in automotive finance and insurance. However, each consumer's situation is unique. It is best to contact a finance specialist for further assistance.
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