In a letter to U.S. House members this week, the RV Dealers Association and its allies outlined reasons to support a bill introduced by Reps. Frank Guinta (R-N.H.) and Ed Perlmutter (D-Colo.) titled the Reforming CFPB Indirect Auto Financing Guidance Act of 2015 (H.R. 1737).
Click here to read the letter and view the complete list of organizations supporting the bill.
The legislation would repeal a CFPB bulletin from 2013, allowing the Bureau to “reissue the guidance under a more transparent and better informed process,” according to the letter.
The letter points out that congressional members on both sides of the aisle have written to the CFPB asking questions and expressing concern regarding its lending guidance.
“Nonetheless, many essential questions still remain unanswered. The open and transparent process required by H.R. 1737 would provide a framework for those questions to be answered, and to ascertain whether the CFPB’s new policy can withstand public scrutiny,” the letter states.
For more information on RVDA’s efforts with CFPB legislation, click here.