Answer:
Compliance with this new requirement is delayed pending issuance of regulations by the CFPB. The Fed has issued guidance delaying compliance by dealers until the CFPB issues regulations on this new requirement. From the Fed's rule:
"Although the CFPB has the authority to issue rules to implement ECOA Section 704B for most entities, the Board retains authority to issue rules for certain motor vehicle dealers. This final rule excepts motor vehicle dealers subject to the Board's jurisdiction from the requirements of ECOA Section 704B until the effective date of final rules issued by the Board to implement that provision."
http://www.bankersonline.com/topstory/76fedreg/76FR59237.pdf
First published on BankersOnline.com 3/19/12
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