Hensarling Lies, Says CFPB Makes It Harder to Buy Cars But CFPB Protects Car Buyers

RHETORIC: Hensarling Says CFPB and Dodd-Frank make it more difficult for everyday consumers to get auto loans.

  • In a speech on the floor of the US House of Representatives in support of the Financial CHOICE Act, Jeb Hensarling read a letter from an American who claimed to have experienced trouble getting a car loan because of the CFPB. Hensarling quoted this person as having said, “Please ensure that financing car and truck dealerships are not stymied by Dodd-Frank’s CFPB.” [House Session, 115th Congress (June 8, 2017)]

REALITY: The CFPB protects consumers from abusive auto lending including members of the military.

At least twice where the CFPB protected members of the military from predatory auto lending and at least four occasions the CFPB has held auto lenders responsible for racism in auto lending. The CFPB has also held auto lenders accountable for deceptive advertising, harassing consumers to collect debts, and providing inaccurate information to credit reporting agencies, all at a detriment to consumers.



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