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Senate vote on auto loans may pave the way for more discrimination

Getting rid of CFPB guidance could hurt certain groups of car buyers, advocates sayUniversal/Courtesy of Everett CollectionWhite drivers get better financing options than nonwhite ones, some consumer advocates allege. Republicans want to roll back regulations on auto loans, and consumer advocates say the changes could open the door to discrimination against black and Latino borrowers. Senator Pat Toomey, a Republican from Pennsylvania who is on the U.S. Senate Banking Committee, said this week the committee plans to repeal the Consumer Financial Protection Bureau’s guidance on auto lending that was meant to prevent lenders from giving non-white borrowers more expensive auto loans.