Sen. Jerry Moran (R-Kan.) has introduced legislation in the U.S. Senate to reform the Consumer Finance Protection Bureau’s Indirect auto Financing Guidance.
Moran, a member of the Senate Banking, Housing and Urban Affairs Committee introduced S. 2663, the “Reforming CFPB Indirect Auto Financing Guidance Act”.
If approved, the measure would require the CFPB to provide for a public notice and comment period before issuing guidance in its final form, and make all studies, data methodologies, analysis and other information relied only the Bureau in preparing guidance, available to the public on its website.
The measure would also require the Bureau to consult with the Board of Governors of the Federal Reserve System, the Federal Trade Commission and the Department of Justice prior to issuing new guidance.
The bill is similar to legislation backed by RVDA and its industry allies that was introduced by Reps. Frank Guinta (R-NH) and Ed Perlmutter (D-CO and passed the House in November of 2015 by an overwhelmingly bipartisan vote of 332-96. The Guinta-Perlmutter bill (H.R. 1737) won the support of 244 Republicans and 88 Democrats.
For more information on this important issue from the RVDA, click here.
To read a full text of the Bill in its current form, click here.