(NNPA)—A diverse group of civil rights leaders representing Blacks, Latinos and Asian-Pacific Islanders have joined forces to call for major changes in auto dealer compensation. Together, the organizations are calling for the Consumer Financial Protection Bureau to use its rule-making authority to stop dealer markups on auto interest rates that in 2009 cost consumers $25.8 billion in extra interest payments.
In an Oct. 31 letter to Richard Cordray, CFPB Director, leaders of 11 organizations wrote, “It is our experience that discretionary, non-risk based pricing in lending often leads to discriminatory results. This is often the result of practices that, while not discriminatory on their face, lead to discriminatory impact.”
Participating organizations are: Center for Community Change, the Greenlining Institute, the Insight Center for Community Economic Development, the Leadership Conference on Civil and Human Rights, the League of United Latin American Citizens, NAACP, National Coalition for Asian Pacific American Community Development, National Council of LaRaza, National Urban League, the William C. Velasquez Institute and the Center for Responsible Lending.