November 25, 2015
By Liz Moyer
By Liz Moyer
A congressional report criticizing a 2013 settlement by Ally Financial (click here) over discriminatory auto lending practices could give more ammunition to lawmakers trying to abolish the Consumer Financial Protection Bureau.
The report, issued on Tuesday by Republican members of the House Financial Services Committee, called the fledgling agency’s methodology for determining discrimination “junk science” and said the bureau went after Ally because it knew the lender would settle quickly to avoid problems getting government approval on its restructuring.
The report, issued on Tuesday by Republican members of the House Financial Services Committee, called the fledgling agency’s methodology for determining discrimination “junk science” and said the bureau went after Ally because it knew the lender would settle quickly to avoid problems getting government approval on its restructuring.
In a statement, the chairman of the committee, Representative Jeb Hensarling, Republican of Texas and a longtime critic of the consumer agency, called the settlement a “shakedown.”
“The C.F.P.B. is a dangerously out-of-control agency,” he said.
It is another salvo in a four-year war by Republicans against the agency, which was created as part of the 2010 Dodd-Frank financial overhaul and was championed by Elizabeth Warren, then a special adviser to the Obama administration and now a Democrat senator from Massachusetts....
Kindly just be aware there are very hostile underpinnings of the relationship between the US House and the CFBP. The Chairman has accumulated all kinds of information on his website to attempt to discredit the work of the CFPB. (click here)
Kindly just be aware there are very hostile underpinnings of the relationship between the US House and the CFBP. The Chairman has accumulated all kinds of information on his website to attempt to discredit the work of the CFPB. (click here)
