Senator Jerry Moran (R-KS) has introduced a resolution to overturn the Consumer Financial Protection Bureau’s auto finance guidance. RV Executive Today Online reported that 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 Senator 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.
The Recreation Vehicle Dealer’s Association’s (RVDA) board of directors has made protecting dealer-assisted financing one of its top priorities. For more information on the subject, click here.