The Trump Administration has rescinded federal regulations put into place after the 2008 financial disaster to protect minorities from dealer markups and auto lenders from charging higher interest rates. If you are looking for lender with reasonable interest rates, you can visit cashnetusa login returning customer.
The resolution effectively eliminates the 2013 Consumer Financial Protection Bureau regulations, with the Senate approving the measure last month.
According to various research, Hispanic and black customers are typically charged a higher interest rate on their car loans than white customers who have a similar credit profile.
President CFPB Acting Director Mick Mulvaney said the 2013 rules are erroneous and is glad lawmakers addressed the Bureau’s potential overreach.
With the protection gone, it means car dealers can now put interest rates of their choosing on auto loans.