New Truck Leasing Task Force Meeting Set to Expose Predatory Leasing in the Industry

TLTF Meeting to Uncover the Extent of Predatory Truck Leases

The Truck Leasing Task Force (TLTF) will meet on Thursday, July 18, from 10:00 AM to 4:00 PM Eastern Time. This virtual meeting will look into the issue of predatory lease-purchase agreements in the trucking industry. A report from the Consumer Financial Protection Bureau (CFPB) will be shared, which reviews many lease agreements sent in by truck drivers and motor carriers.

TLTF Meeting Details and Key Speakers

The meeting starts with Steve Rush, Chair of the TLTF, calling the meeting to order. Charity Coleman from the Volpe Center and Shannon Watson, Deputy Designated Federal Officer (DFO) of FMCSA, will give introductions and meeting logistics. After approving the minutes from the last meeting, Ryan Kelly and Emma Oppenheim from the CFPB will present their findings on the lease agreements at 10:20 AM.

Focus on Predatory Leasing Practices

The TLTF was started by Congress in 2023 to stop predatory lease-purchase agreements. These agreements often leave drivers in financial trouble. Carriers keep a lot of control over the truck and the driver’s ability to repay the loan. Drivers often owe money to carriers at the end of pay periods.

Ryan Kelly highlighted the severity of these agreements at the TLTF’s June meeting. He suggested that the failure rate is 90% or higher. “If a model fails 90% of the time, it’s designed to fail,” Kelly said, stressing the need for strict scrutiny and action.

Equitable Leasing Opportunities

The meeting will also discuss Task 24-4, which looks at how fair leasing agreements can help drivers start or grow their trucking companies. This discussion will be led by Julianne Schwarzer from the Office of the Secretary.

Public Participation and Comments

The TLTF invites public participation. The public comment period, scheduled for 3:30 PM, allows people to speak for up to two minutes on relevant topics. This is a chance for CMV drivers and lessees to share their experiences with fraud or predation.

Registration and More Information

The virtual TLTF meeting is open to the public, but you must register. You can register on the FMCSA’s website by Tuesday, July 16. The agenda and minutes from previous meetings are available on the TLTF website. For more details, see the Federal Register notice or visit the TLTF’s webpage on the FMCSA site.

For more details and to register for the meeting, please visit the FMCSA Truck Leasing Task Force webpage.