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Race Bias in Auto Loans?

On Thursday, the Consumer Financial Protection Bureau forced lenders to comply with their fair lending requirements. Some lenders have been charging higher rates to African American and Hispanic borrowers, which conflicts with The Equal Credit Opportunity Act. The Equal Credit Opportunity Act prohibits lenders from discriminating based on race, sex, religion, or age.

Read the full article here:
http://bucks.blogs.nytimes.com/2013/03/21/consumer-agency-warns-lenders-on-bias-in-auto-loans/

About the Author

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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