GAO decides Congress can review auto loan guidance
Partner Alan Wingfield is quoted in a Reuters story, titled, “GAO decides Congress can review auto loan guidance.” On Dec. 5, the Government Accountability Office (“GAO”) determined that guidelines issued by the Consumer Financial Protection Bureau preventing discriminatory pricing in auto lending to be subject to congressional review. Wingfield is quoted about the burden placed on financial institutions, saying, “There has been a significant increase in the cost of compliance at the lender level. Banks and lenders are being corralled into being an enforcer.”