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Legislation Could Limit CFPB's Purview of Auto Lending

Joe Mont | July 31, 2015

Before breaking for its August recess, the House Financial Services Committee delivered a potential blow to the Consumer Financial Protection Bureau’s oversight of non-bank lenders.

The bill, "Reforming CFPB Indirect Auto Financing Guidance Act of 2015," sponsored by New Hampshire Republican Frank Guinta, advanced with a bipartisan vote of 47-10. If passed by the House and Senate, it would repeal a CFPB bulletin from 2013  that targeted discriminatory auto loan lending practices. Critics claim the Bureau’s approach was misguided, lacked transparency and served only to curtail discounted rates for good customers with good credit.

The bill requires the Bureau, when issuing future...

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