The Senate approved its resolution of disapproval for the Consumer Financial Protection Bureau’s (CFPB) indirect auto lending bulletin Wednesday. CUNA wrote a letter of support for the resolution Tuesday, which would void the bulletin using the Congressional Review Act (CRA).
“As a data driven agency, it is important for the CFPB to listen to consumers and industry through the protections outlined in the notice and comment period and Administrative Procedures Act, and not create broad sweeping policymaking without the research and analysis necessary to do so,” said CUNA President/CEO Jim Nussle. “We appreciate that Congress addressed this overreach by using its authority under the CRA.”
While CUNA supports fair lending, it is concerned with the lack of data to support the CFPB’s 2013 bulletin, and is concerned that it created guidance without the usual notice and comment period.
The joint resolution of disapproval will now go to the House, then if approved, to President Donald Trump for his signature.