Another day, another letter from a legislator to the Consumer Financial Protection Bureau.
Sen. Max Baucus (D-Mon) is the latest to get in on this trend, writing last week to the Bureau about issues facing auto dealers in his home state. He says he stands “with auto dealers in Montana in supporting reasonable and effective policies to protect consumers from unlawful lending practices and discrimination.”
He also asks for “greater transparency” from the CFPB.
A letter was sent by a group of 22 senators last month, and by a group of Representatives earlier this year.
Read Baucus’ letter here.
Good post,Mike! And thanks for the reminder – “It’s important that lenders stay on the right side of fair lending laws when making specific offers to specific individuals.” Just as important is remembering to treat them with the best financial advice (product) that you can for their situation. Banks can play a major role in rebuilding the middle class and that is best done with credit products that will minimize the reduction in wallet size when they pay interest. And it is one step toward rebuilding “Trust” (recent Gallup polls show trust in banks at all time lows). Some of the readers of this posting may work for banks that are engaged in doing the reverse – they are sucking the wallets dry of their customers. Perhaps they will examine their credit product and pricing to include “helping customers” instead of abusing them. If you need their names, let me know.