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Published 11.06.2016 | Author : admin | Category : Easy Way To Make Money

While mainstream media keeps Black Americans focused on ISIS and Paris, our American government is preparing to pass a bill that will allow auto salesman and banks to charge people of color more money than they do whites.
Progressive Democrats are scrambling to prevent their colleagues from supporting a bill that would pave the way for racial discrimination at car dealerships.
The bill was written by Republicans, but currently has 65 Democratic co-sponsors, a number boosted by its support from two powerful Capitol Hill interest groups: banks and auto dealers. The legislation would nullify regulatory instructions issued by the Consumer Financial Protection Bureau in 2013. Although racial discrimination in consumer lending is illegal, it often creeps into the process when a person of color tries to obtain a loan.
This arrangement creates incentives for both the dealership and the bank to inflate interest rates. The CFPB issued formal regulatory guidance in 2013 encouraging banks to get rid of the markup interest rate system as a way of compensating dealerships for issuing car loans.
Lobbyists for the auto industry are now trying to overturn the agency’s anti-discrimination rule.

Something to remember next time you come face to face with a crooked car salesman or bank lender. The legislation will receive a vote on the House floor this week, and would make it easier for banks and car salesmen to charge people of color higher prices than white customers. The bill is opposed by Americans for Financial Reform, the NAACP, the Urban League, the National Council of La Raza and others.
Those instructions were an effort to counter longstanding trends involving higher interest rates charged to borrowers of color when they take out a car loan. The CFPB said that banks could continue the markup practice if they took steps to ensure that they would not regularly overcharge borrowers based on race or national origin. One major exception to the support from dealers and lenders is the National Association of Minority Automobile Dealers, which is formally opposing the bill.
Maxine Waters (D-Calif.), the top Democrat on the House Financial Services Committee, are imploring other members of their party to vote against the legislation.
Of the 65 Democrats who currently support the bill, 15 are members of either the Congressional Black Caucus, the Congressional Hispanic Caucus or the Congressional Asian Pacific American Caucus.

A dealer sends a buyer’s credit information to the bank, and the bank then tells the dealer the appropriate interest rate for a borrower with that particular financial profile. The agency has since taken Honda and Ally Bank to task for violating that guidance and overcharging borrowers of color.
But dealers are allowed to charge higher rates at their own discretion — and the dealers themselves receive a cut of that higher lending price.
The CFPB has returned hundreds of millions of dollars to customers who paid higher rates due to no other factor than their race or national origin.

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