1,000 signatures reached
To: Members of Congress
Vote NO on HR 1737
We urge you to vote NO on HR 1737 and let the Consumer Financial Protection Bureau continue to do its job regulating the car loan industry to make sure it's free of racial discrimination.
Why is this important?
For years, African-Americans as well as Hispanic and Asian Americans have paid significantly higher interest rates on car loans than have other buyers of equal credit-worthiness. Now, in a fresh outrage, more than 170 members of Congress are trying to undermine the Consumer Financial Protection Bureau’s ability to combat discrimination in the auto lending market.
Since 2013, the CFPB has required a group of banks to pay more than $150 million in fines and restitution to some 425,000 minority borrowers who got stuck with an average of several hundred dollars in extra loan payments. In June 2015, the Bureau began to oversee the auto lending practices of nonbank financial companies, which had previously escaped federal regulation.
But auto dealers are up in arms over the Bureau’s efforts to make them treat people fairly. They’ve persuaded the House Financial Services Committee to approve legislation – HR 1737 - that would force the CFPB to rescind the auto-lending directives it has already issued, while going through procedural hoops before taking any further action.
By putting obstacles in the CFPB’s way, HR 1737 would sanction a system that not only routinely costs minority car buyers more money, but puts them at added risk of having their cars repossessed. This measure might as well have been named the “Perpetuating Auto Loan Kickbacks and Racial Discrimination Act.”
But the car dealers are lobbying hard, and they have won distressingly high support so far: 170 co-sponsors for their bill, and 47 votes for, with only 10 against, in the Financial Services Committee. This terrible legislation could come to the House floor any day now. We need many more people to oppose it if we are going to succeed in keeping it from ever being signed into law.
Please take action now.