From: The Honorable Keith Ellison
Sent By: Carol.Wayman@mail.house.gov
Bill: H.R. 1737
Congressional Staff Briefing on Auto Lending Discrimination and H.R. 1737
Tuesday, September 1, 2015 from 1:30-2:30 p.m.
I write to draw your attention to a briefing scheduled for next Tuesday about discrimination in auto lending.
According to the Consumer Financial Protection Bureau, “Every year, millions of American families buy a car – and it will be one of the most significant purchases they make. One key priority for us is protecting consumers from the silent pickpocket of discrimination. Discriminatory markups in auto lending may result in tens of millions of dollars in consumer harm each year. The average loan for a new car is up to $26,691, so a higher interest rate can make the total cost of the car much higher.”
Learn more about this issue from experts at Americans for Financial Reform, Center for Responsible Lending, Consumers Union, Leadership Conference on Civil and Human Rights, National Council of La Raza, and National Urban League. Announcements of the briefing were sent to Congressional staff.
For more information, see the announcement below or contact Carol Wayman on my staff at Carol.Wayman@mail.house.gov or 5.4755.
Member of Congress
Save the Date
Staff briefing hosted by: Americans for Financial Reform, Center for Responsible Lending, Consumers Union, Leadership Conference on Civil and Human Rights, National Council of La Raza, and National Urban League
Tuesday, September 1, 2015
Staff briefing on H.R. 1737 and the Impact of Discrimination in Auto Lending
We invite you to attend a September 1 briefing for Congressional staff on H.R. 1737. Auto dealers can increase the interest rate on a car loan, well above a rate that a borrower qualifies for, and the dealers receive large bonus payments for doing it. Dealer interest rate markups have a decades-long history of discriminatory impact, particularly on African American and Latino borrowers. H.R. 1737 threatens to stop progress the CFPB has made in enforcing anti-discrimination laws.
Policy experts from many of the nation’s leading consumer advocacy and civil rights organizations will discuss legislation impacting discrimination in auto sales, and detail the risks H.R. 1737 and proposals like it pose to consumers.
For more information, including RSVP, please contact Yana Miles, Policy Counsel- Center for Responsible Lending – Yana.Miles@Responsiblelending.org.
Light Refreshments will be provided.