A February 12, 2014 letter from the U.S. Chamber of Commerce to the Consumer Financial Protection Bureau (CFPB) asks the agency to write new rules governing the auto-lending industry to eliminate ambiguity regarding fair lending and abusive practices standards. The Chamber identified three areas of particular concern: the test for disparate impact in indirect auto lending; the definition of abusive acts and practices under the Dodd-Frank Act; and the standards under which a company may be liable for the actions of service providers.
"If the bureau identifies areas in which it wants to fundamentally alter the rules, it should take the time to write new standards rather than rely on one-off enforcement and news release 'warnings' to other regulated companies," the Chamber's letter stated. The CFPB has identified auto-lending discrimination as a top enforcement priority. In December 2013, auto lender Ally Financial Inc. agreed to pay $98 million to resolve allegations levied by the CFPB and Department of Justice that it charged higher interest rates to certain minority borrowers. Ally denied the allegations.