This story appeared in Bank Digest.
House Speaker Paul Ryan (R-Wis) has issued a release highlighting House efforts to provide regulatory relief and help the economy. The focus of the release is an upcoming vote on S.J. Res. 57, which is intended to "restore competition and fair lending for auto dealers that enable customers to indirectly finance their car payments." The resolution would use the Congressional Review Act to "rescind a Consumer Financial Protection Bureau (CFPB) guidance that was based on a flawed assessment and written without examining how meddling in the auto lending marketplace could potentially raise borrowing costs for consumers."
The release added that the relief to be provided by the resolution "is a meaningful component of our jobs and economic growth agenda" and that "the House has used the CRA to strike down 15 Obama-era regulations that were adding unnecessary layers of bureaucracy, hindering growth and competition.”