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                                                      The mid-term election results mean Republicans in Congress will take aim at regulatory initiatives supported by the Obama administration, including the Consumer Financial Protection Bureau (CFPB) and the Affordable Care Act.

The Recreation Vehicle Dealers Association (RVDA reported in a press release that political pressure will continue to build on the Consumer Financial Protection Bureau (CFPB) and the agency will be under intense scrutiny from GOP majorities in both houses of Congress.

There are a number of House bills pending that would curb CFPB Director Richard Cordray’s ability to make decisions independently of Congress, including a bill supported by RVDA and its allies that would repeal auto lending guidance that impacts dealer-assisted financing for consumers. The bipartisan bill, H.R. 5403, is sponsored by U.S. Reps. Marlin Stutzman, R-Ind., and Ed Perlmutter, D-Colo.

Other pending legislation in the House would give Congress control over CFPB funding (which the agency currently receives from the Federal Reserve with no budgetary oversight) and replace its single director with a five-member board. Senate Banking Committee observers believe Sen. Richard Shelby, R-Ala., who is likely to be the new committee chairman, would pursue similar reforms by seeking support from Democrats.

An outright repeal of the enabling legislation for the CFPB and Obamacare will be difficult because Senate GOP leaders will be short of the 60 votes needed to overcome filibusters and would need Democratic support to reach the total of 67 votes to override a presidential veto.

That means the presumed Senate Majority Leader Mitch McConnell, R-Ky., won’t be able to force a vote on a straightforward repeal bill. But McConnell has indicated he could use the budget reconciliation process, which only requires 51 votes, to pass Obamacare reform and other policy measures. For more information on H.R. 5403, “The Reforming CFPB Indirect Auto Financing Guidance Act,” click here.