This story appeared in Bank Digest.
The House of Representatives has passed S.J. Res. 57, which uses Congressional Review Act authority to repeal the Consumer Financial Protection Bureau's 2013 indirect auto lending guidance, by a vote of 234 to 175. The resolution previously passed the Senate on April 18, 2018.
In a prepared statement on the House floor, House Financial Services Committee Chairman Jeb Hensarling (R-Texas) supported the resolution, saying the CFPB's guidance "essentially outlawed the practice of auto dealers in America being able to take wholesale financing from third parties and charge retail rates." But in her prepared floor statement, Committee Ranking Member Maxine Waters (D-Calif) said the resolution was "an inappropriate and misguided use of the Congressional Review Act that sets a dangerous precedent," adding that the CFPB's guidance "was issued to provide clarity to indirect auto lenders and protect auto loan borrowers from discrimination."
House Speaker Paul Ryan (R-Wis) issued a statement after the vote saying it "will bring change and make things easier for consumers and businesses alike within the auto lending marketplace."