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Benjamin K. Olson quoted in a Bloomberg BNA article, “CFPB to review use of disparate impact in fair lending cases”

Bloomberg BNA

Benjamin K. Olson

Benjamin K. Olson was quoted on May 21, 2018 in a Bloomberg BNA article, “CFPB to review use of disparate impact in fair lending cases,” which discussed the announcement by the Consumer Financial Protection Bureau that they agency will be reexamining the requirements of the Equal Credit Opportunity Act), as well as the guidance on indirect auto lending. The article stated, “The bureau’s 2013 guidance on indirect auto lending came in the form of a bulletin and outlined when third-party lenders that offer auto loans through car dealerships could face enforcement actions for violations of the ECOA. The CFPB bulletin explained that the bureau would hold indirect auto lenders accountable for unlawful pricing policies that violated the fair lending law. The repeal of the CFPB guidance using the Congressional Review Act was unusual because, in the past, guidance issued by agencies was not susceptible to such a move. That changed last year when the Government Accountability Office determined that Congress could overturn guidance using the CRA. The CFPB said in its statement that more guidance could face a similar fate, and that it would submit more guidance documents to Congress in the future. The bureau did not mention which official guidance documents could be submitted to Congress, but there is no shortage of options.”

Olson added, “The auto lending bulletin was, by a wide margin, the most controversial of the CFPB’s guidance documents, but there are others that have impacted longstanding industry practices.”

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