The House Financial Services Committee has passed H.R. 1737, a bipartisan bill to repeal the Consumer Financial Protection Bureau’s (CFPB) 2013 guidance designed to pressure lending institutions into eliminating motor vehicle financing discounts for consumers. The bill is supported by the Recreation Vehicle Dealers Association (RVDA) and a number of other organizations working to protect dealer-assisted financing, according to a news release.
The bill, introduced by Reps. Frank Guinta, R-N.H., and Ed Perlmutter, D-Colo., passed in committee by a vote of 47 to 10 this week. The vote tally included 13 Democrats. It currently has 126 co-sponsors in the full House, which includes 70 Republicans and 56 Democrats.
H.R. 1737 would require the CFPB to reintroduce its guidance through a more traditional rule-making process. The CFPB would be required to study the consumer impact of its policies, mandate public input and transparency, and ensure the bureau works in consultation with other government agencies that Congress vested with regulatory authority, such as the FTC, Department of Justice, and the Federal Reserve.
For more information on RVDA’s position on H.R. 1737 and talking points on the issue, click here.