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View Full Version : House votes to repeal auto-loan guidance, setting new precedent




Swordsmyth
05-08-2018, 05:25 PM
The House voted Tuesday to repeal a controversial edict on auto lending from the Consumer Financial Protection Bureau (CFPB), capping off an unprecedented use of congressional powers that could give Republicans a new way to reverse regulations.
Republicans and a group of Democrats passed a resolution to repeal the CFPB’s 2013 guidance on “dealer markups,” which is the additional interest an auto dealer adds to a third-party loan as extra compensation. The measure to repeal the 2013 policy, which is not a formal federal rule, passed the Senate last month.
President Trump (http://thehill.com/people/donald-trump) is expected to sign the resolution. If he does, it would be the first time Congress used its powers under the Congressional Review Act (CRA) to repeal an informal federal policy.
Lawmakers voted along party lines to repeal the CFPB guidance, with 223 Republicans and 11 Democrats supporting the resolution. The measure, if signed by Trump, would strike the CFPB auto-lending policy from the books and ban the bureau from issuing a similar rule in the future.

More at: http://thehill.com/policy/finance/386779-house-votes-to-repeal-auto-loan-guidance-setting-new-precedent