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October 6, 2015 FacebookTwitterFlickrRSSSEND TO A FRIENDPRINT
Inside this issue
Cordray Says CFPB Trying to Get Discrimination Data Right
South Carolina Dealers Grapple with Floods; BMW Still Producing
For Volkswagen, Costs of Scandal Will Be Piling Up
U.S. Leads Historic Trade Pact Among a Dozen Pacific-Rim Nations
Toyota Says Aims to Commercialise Semi-Autonomous Cars Around 2020
Top Stories
Cordray Says CFPB Trying to Get Discrimination Data Right

Consumer Financial Protection Bureau Director Richard Cordray [last week] pushed back against reports the agency was overestimating the amount of discrimination in the auto lending market. Cordray told the House Financial Services Committee that internal documents uncovered by American Banker didn't provide "an accurate account" of the "robust discussions" the bureau is having about the data it was using. Officials in those memos raised concerns that the bureau could be overestimating the level of discrimination in the auto lending industry. "We are trying to get it right," Cordray said. He added that the questions do not center on data used to uncover discrimination among mortgage lenders because they cover different pools of borrowers. The bureau has relied on data to strike settlements with banks for allowing auto dealers to mark up loans for black and Hispanic borrowers despite their creditworthiness.
Source: POLITICO
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South Carolina Dealers Grapple with Floods; BMW Still Producing

South Carolina auto dealers and BMW AG are digging out and adjusting after more than 2 feet of rain have fallen over the last three days in some parts of the state, leading to catastrophic flooding. BMW’s U.S. plant in Spartanburg, S.C., reported that flooding in Columbia, S.C. -- where the Congaree River rose 10 feet in 12 hours according to reports -- has delayed rail transfer of finished vehicles to the Port of Charleston. Seventy percent of the plant’s vehicles are exported. “BMW will work closely with state authorities to assess alternative options, including movement by truck to the Port of Charleston,” BMW spokeswoman Sky Foster said in a statement.
Source: Automotive News
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For Volkswagen, Costs of Scandal Will Be Piling Up

For Volkswagen, the cost of its cheating on emissions tests in the U.S. is likely to run into the tens of billions of dollars and prematurely end its long-sought status as the world's biggest carmaker. As well as fines from governments, Volkswagen faces the massive expense of recalling up to 11 million cars globally. Already the company has set aside 6.5 billion euros ($7.3 billion) to cover the fines and recalls — but it's a fair bet that's only the start. Some experts estimate the bill could ultimately be five times as large. Beyond initial charges, the company is expected to suffer a drop in sales. And the damage to the brand's image could take years to heal.
Source: The New York Times

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U.S. Leads Historic Trade Pact Among a Dozen Pacific-Rim Nations

The U.S. brokered a historic accord Monday to ease trade in goods and services among a dozen Pacific-rim nations that make up about 40 percent of the world economy. The Trans-Pacific Partnership, five years in the making, will now be subject to months of scrutiny by lawmakers in all 12 nations that could yet derail it. The agreement was announced after a week of final talks in Atlanta. It will guarantee intellectual property rights for drugmakers, especially on the cutting edge of biotechnology, and reduce tariffs on goods from food to cars. American farmers will get to sell more rice to Japan, while Japanese automakers will have lower barriers for entry to the U.S. market.
Source: Bloomberg
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Toyota Says Aims to Commercialise Semi-Autonomous Cars Around 2020

Toyota Motor Corp said it would aim to bring to market cars that can autonomously change lanes, merge with traffic, and overtake other vehicles on highways by around 2020 as it aims to catch up in the nascent field of self-driving cars. Demonstrating its newest safety technology features to media on Tuesday, Japan's biggest automaker said in that car of the future, drivers would be able to turn on and off the auto-pilot mode with a single switch. Toyota also said it would launch three models in Japan this year equipped with "intelligent transportation system" (ITS) technology, which allows vehicle-to-vehicle and vehicle-to-infrastructure communication to alert drivers to potential dangers using sensor technology.
Source: Reuters
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Quotable
"We are trying to get it right."

   -- CFPB Director Richard Cordray, in response to questions from Members of Congress about the Bureau's use of proxy methodology in enforcement actions, POLITICO, Sept. 29

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