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Vehicle Finance Industry Commissions Study to Address Fair Lending
 
WASHINGTON, November 12, 2013 – In response to concerns expressed by the Consumer Financial Protection Bureau (CFPB) about the “significant risk” dealer participation poses of “pricing disparities on the basis of race, national origin, and potentially other prohibited bases,” the vehicle finance industry is undertaking an independent review of the matter.
 
The American Financial Services Association (AFSA) is commissioning the study, which will assess the effectiveness of the present model and evaluate the costs and benefits of alternative approaches. Researchers currently are being vetted. AFSA remains opposed to discrimination of any kind, committed to optimizing consumers’ access to affordable credit, and dedicated to ensuring credit markets function competitively and efficiently for all consumers, automotive dealers and lenders.
 
“AFSA and its members do not tolerate discrimination in any size, shape or form,” said Chris Stinebert, AFSA president & CEO. “We take the CFPB’s concerns very seriously and plan to share with them the results of our cost-benefit analysis of the present and alternative dealer participation models.”
 
Based in Washington, D.C., AFSA (www.afsaonline.org) is the national trade association for the consumer credit industry, protecting access to credit and consumer choice. Its 350 members include consumer and commercial finance companies, vehicle finance/leasing companies, mortgage lenders, credit card issuers, industrial banks and industry suppliers.
 
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Media Contact:
Karen Klugh
202-776-7308


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