Alert July 23, 2013

CFPB, DOJ and Federal Reserve to Hold Webinar on Fair Lending Considerations for Indirect Auto Lending

In coordination with the CFPB and the Department of Justice, the Federal Reserve Board of Philadelphia announced a webinar on August 6, 2013 to discuss fair lending considerations related to indirect auto lending programs. The CFPB recently issued guidance detailing its expectations of indirect auto lenders in ensuring compliance with the Equal Credit Opportunity Act and its implementing regulation, Regulation B (see April 2, 2013 Alert). For example, the CFPB recommended that indirect auto lenders take steps to ensure their compensation and markup policies comply with ECOA and Regulation B. The webinar will cover the CFPB’s bulletin, the definition of a "creditor" under ECOA, emerging issues and examination procedures, among other topics.