Ryan, McConnell say they have a deal on a bipartisan Dodd-Frank rollback; New York won more than $5 billion in settlements from big banks under the former AG.
Bill supporters say the guidance — which held indirect auto lenders liable for unintentional discrimination at partner dealerships — violated Dodd-Frank, but consumer advocates say the legislation would expose minority borrowers to mistreatment.
Auto lenders would be well advised to keep up their guard as states — particularly blue ones — take steps of their own to crack down on what they see as abusive practices.
Readers applaud acting Consumer Financial Protection Bureau Director Mick Mulvaney’s cost-cutting ideas, slam recent calls for postal banking, opine on banks limiting their business with firearms dealers and more.
The agency’s 2013 guidance is frequently portrayed as either an overdue push to stamp out lending discrimination or a case study in regulatory overreach. In truth, its impact was minimal.
Record originations on "better-yielding" used-car loans helped drive a 14% increase in its first-quarter profit. But Ally's shares were down Thursday on concerns of rising deposit costs.
