Trump nullifies Obama-era rule against racial discrimination in auto loans News
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Trump nullifies Obama-era rule against racial discrimination in auto loans

US President Donald Trump signed a resolution [press release] Monday that overturns a 2013 lending rule intended to prevent racial bias in auto loan interest rates.

The original rule was issued [bulletin, PDF] by the Consumer Financial Protection Bureau (CFPB) [official website] and was titled the “Indirect Auto Lending and Compliance with the Equal Credit Opportunity Act.” Under this rule, automobile lenders were not allowed to discriminate against minorities by increasing their interest rates or otherwise charging them higher fees.

The Senate voted 51-47 to overturn in mid-April, and the House voted 234-175 [JURIST reports] on May 8. Republican lawmakers invoked the Congressional Review Act (CRA) [text], which allows Congress to get rid of regulations shortly after they are imposed.

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