Political Quotes

“I thank the gentlewoman for yielding. Mr. Chairman, I oppose H.R. 1737. The title of this legislation, the Reforming CFPB Indirect Auto Financing Guidance Act, is misleading. The legislation is not about ``reforming'' the guidance of the CFPB. It is about erasing and undermining CFPB's guidance altogether and suspending the Bureau's good work when it comes to monitoring and identifying discrimination in auto lending. Both the CFPB and the Department of Justice have found repeatedly that dealer discretion in determining the interest rates on auto loans leads to systemic discrimination against minority borrowers. Supporters have argued that this legislation would bring clarity and transparency to the auto loan market, but we must ask ourselves: Clarity and transparency for whom? It sure doesn't bring transparency for the American public when it comes to auto dealers who have been found to have been targeting minority communities with discretionary interest rate markups, increasing the carrying costs of car ownership for individuals who too often cannot afford the increased financial burden. Of course, not all auto dealers engage in such practices, and we must be careful in painting with a broad brush. In fact, I believe the CFPB's guidance is a useful tool to protect the reputation of auto dealers who do the right thing by their customers--many of whom are leaders in their communities--against the predatory practices of a select few who tarnish the industry.…”