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Congress Shields Indirect Auto Lenders From Disparate Impact Liability Under ECOA

LexisNexis (July 26, 2018, 10:28 AM EDT) -- On May 21, 2018, President Trump signed Congressional Resolution S.J. Res. 57 (the “Congressional Resolution”) which repealed the Consumer Financial Protection Bureau’s bulletin of March 21, 2013, which had purported to find that indirect auto lenders were “creditors” under the Equal Credit Opportunity Act, 15 U.S.C. § 1691 et seq. (“ECOA”). In so doing, the Congressional Resolution, with the full backing of the CFPB, narrowed the potential application of the ECOA to indirect auto lending, presumably to protect indirect auto lenders from claims of disparate impact...
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