Search
 

CFPB Threatens Auto Dealers: Onsite at CU Direct DRiVE 15

LAS VEGAS NADA program aims to protect auto dealers and lenders from CFPB discrimination claims.

By Natasha Chilingerian | Updated on May 20, 2015
Patricia Covington, partner at legal compliance firm Hudson Cook (left), Andy Koblenz, vice president and general counsel for NADA (middle) and Paul Metrey, chief regulatory counsel for NADA (right) discuss auto lending regulations and the CFPB.

LAS VEGAS – The National Automobile Dealer Association said the CFPB is inaccurately identifying discriminatory lending practices at auto dealerships. The group offered its own solution for lenders and dealers looking to defend their lending decisions during a breakout panel session at the Drive ’15: CU Direct Lending & Marketing Conference Wednesday in Las Vegas.

Andy Koblenz, vice president and general counsel for NADA, and Paul Metrey, chief regulatory counsel for NADA, explained that since it’s illegal to collect race-related information on borrowers in the auto lending space, the CFPB gathers that information using a flawed, proxy analysis technique that involves comparing the races associated with borrowers’ last names and places of residence against information provided on mortgage loan applications.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Natasha Chilingerian

Natasha Chilingerian

Natasha Chilingerian has been immersed in the credit union industry for over a decade. She first joined CU Times in 2011 as a freelance writer, and following a two-year hiatus from 2013-2015, during which time she served as a communications specialist for Xceed Financial Credit Union (now Kinecta Federal Credit Union), she re-joined the CU Times team full-time as managing editor. She was promoted to executive editor in 2019. In the earlier days of her career, Chilingerian focused on news and lifestyle journalism, serving as a writer and editor for numerous regional publications in Oregon, Louisiana, South Carolina and the San Francisco Bay Area. In addition, she holds experience in marketing copywriting for companies in the finance and technology space. At CU Times, she covers People and Community news, cybersecurity, fintech partnerships, marketing, workplace culture, leadership, DEI, branch strategies, digital banking and more. She currently works remotely and splits her time between Southern California and Portland, Ore.

More from this author

Dig Deeper

Recommended Stories

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2024 ALM Global, LLC. All Rights Reserved.