Senate moves forward with resolution of disapproval for CFPB lending
FOR IMMEDIATE RELEASE
CONTACT: Lauren Williams – CUNA Communications; (202) 626-7642; email@example.com
Washington, DC (April 18, 2018) – Today, the Senate voted 51-47 in favor of the CUNA-backed disapproval for the Consumer Financial Protection Bureau's (CFPB) indirect auto lending bulletin. CUNA wrote a letter to Congress on Tuesday supporting S.J. Res. 57, 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 the goal of fair lending and strongly opposes discriminatory policies, there are concerns that the 2013 guidance bulletin skirts the public protections found in the Administrative Procedures Act (APA) and other rulemaking requirements.
The joint resolution of disapproval will now go to the House, then if approved, to President Donald Trump for his signature.
Credit Union National Association (CUNA) is the only national association that advocates on behalf of all of America’s credit unions, which are owned by 110 million consumer members. CUNA, along with its network of affiliated state credit union leagues, delivers unwavering advocacy, continuous professional growth and operational confidence to protect the best interests of all credit unions. For more information about CUNA, visit cuna.org.