This story appeared in Bank Digest.
The House Financial Services Committee has passed the Reforming CFPB Indirect Auto Financing Guidance Act of 2015 (H.R. 1737), which was introduced by Reps. Frank Guinta (R-NH) and Ed Perlmutter (D-Colo). Guinta's release said the bill "would repeal a faulty CFPB guidance denying the public a chance to comment on regulations directly impacting them." According to Guinta, the CFPB has used this guidance to pressure lending institutions into eliminating the availability of auto financing discounts and change the auto lending market completely.