The Recreation Vehicle Dealers Association (RVDA) is teaming up with the National Automotove Dealers Association (NADA), the Recreation Vehicle Industry Association (RVIA), and other allies to support bipartisan efforts in Congress to rescind flawed guidance from the Consumer Financial Protection Bureau (CFPB) that would harm consumers by limiting their ability to obtain vehicle financing.
In a letter to U.S. House members this week, RVDA 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.
According to a press release, the legislation would repeal a CFPB bulletin from 2013 that was designed to pressure lending institutions into eliminating the availability of vehicle financing discounts. These discounts save consumers millions of dollars every year. With the CFPB’s actions likely to raise the cost of credit for RV and other vehicle buyers, Congress should pass H.R. 1737 to rescind the CFPB’s flawed auto finance guidance and make the bureau more transparent and accountable when issuing future auto finance guidance.
The letter points out that House members and senators 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.
RVDA will keep members and the industry informed of new developments on the CFPB issue. For more on RVDA’s efforts to protect dealer assisted financing, click here.