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House Republicans claim CFPB’s auto lending rule is illegal

Joe Mont | January 20, 2017

The latest chapter in the partisan war against the Consumer Financial Protection Bureau involves claim by House Republicans that Director Richard Cordray may have violated federal law that governs agency rulemaking procedures.

The accusations are outlined in an investigative report released by Republican members of the House Financial Services Committee.

The report, based on internal CFPB documents obtained by the committee, “uncovers several potential legal problems with the Bureau’s 2015 rule authorizing it to regulate the auto lending market.”

Among the allegations contained in the report:

  • Cordray failed to heed the counsel of Bureau attorneys who advised him to publish a list of institutions subject to the proposed rule and to re-open...
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