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Senators Seek to Overturn CFPB’s Finance Guidance

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Sen. Jerry Moran (R-Kan.) has introduced a resolution to overturn the Consumer Financial Protection Bureau’s auto finance guidance. The resolution, which has 15 Republican co-sponsors, would give Congress the ability to override the CFPB’s guidance by a simple majority vote.

At the request of Sen. Pat Toomey (R-Pa.), the Government Accountability Office (GAO) issued an opinion in December that the CFPB’s 2013 bulletin titled “Indirect Auto Lending and Compliance with the Equal Credit Opportunity Act” is a rule subject to congressional review.

Moran’s resolution includes the GAO’s letter of opinion that “the bulletin is a rule under the Congressional Review Act.”

It has been referred to the Committee on Banking, Housing, and Urban Affairs.

RV Dealers Association’s board of directors has made protecting dealer-assisted financing one of its top priorities.

For more information on the subject, click here.

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