The Truck Leasing Task Force’s mission to end predatory lease-purchase agreements in the trucking industry will continue with a meeting next week.
The task force, which was established by Congress in 2020, will have a virtual meeting from 10 a.m. until 4 p.m. Eastern on Wednesday, Oct. 30.
For years, the Owner-Operator Independent Drivers Association has called out predatory schemes in which a carrier leases a truck to a driver but still largely holds control over the operation. Truckers commonly report owing money to the carrier at the end of the pay period, and there are only limited examples of a truck driver completing the lease.
The Truck Leasing Task Force began its work in 2023. During that time, individual truck drivers have shared their stories of failed lease-purchase agreements. In addition, the Consumer Financial Protection Bureau has called out the problems involving employer-driven debt.
According to one report from the bureau, there have been instances of truck drivers taking home as little as 67 cents in a week and $20,000 in a year on accounts that brought $95,000 to the trucking company.
At a meeting this past July, Ryan Kelly of the Consumer Financial Protection Bureau outlined several ways that the lease-purchase model is designed to favor the motor carrier.
Upcoming meetings
FMCSA’s Truck Leasing Task Force has meetings planned for Oct. 30 and Nov. 20.
Next week’s meeting will include an update from the Consumer Financial Protection Bureau, which is expected to release a comprehensive report soon. A full agenda of the Oct. 30 meeting can be found here. The public can register for the meeting here. There will be an opportunity for the public to make comments from 3:20 p.m. until 3:55 p.m. Eastern on Oct. 30.
The Nov. 20 meeting also is scheduled from 10 a.m. until 4 p.m. Eastern. That meeting will include a presentation on the history of commercial motor vehicle operations and safety in the United States. LL
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