President Trump Signs Bill Scrapping Auto-lending Measure Targeting Racial Bias

President Trump signed a bill nullifying an Obama-era rule put in place to protect consumers from racial discrimination when seeking loans to buy a car. Supporters of the repeal say that the Bureau of Consumer Financial Protection (CFPB) did not follow formal procedures to make the guidelines, as Obama did not submit it to Congress for review, and also note that Dodd-Frank law prevents the CFPB from regulating auto dealers. Detractors argue that it will allow these dealers to discriminate against minorities.