House approves CUNA-backed disapproval of CFPB auto lending bulletin

May 8, 2018

The House voted in favor of a joint resolution of disapproval against the Bureau of Consumer Financial Protection’s indirect auto lending bulletin, a move strongly supported by CUNA.

"As member-owned financial cooperatives, small credit unions are harmed most by poorly tailored rules and policymaking," said CUNA President/CEO Jim Nussle. "Bureau bulletins should be subject to the CRA as it has been a successful tool in combating unnecessary regulatory burdens for credit unions."

The Senate passed its joint resolution of disapproval, which would void the bulletin under the Congressional Review Act, in April. CUNA wrote a letter of support for the Senate resolution.

The joint resolution will now go to President Donald Trump for his signature.

While CUNA supports fair lending, CUNA is concerned that the bureau’s 2013 bulletin creates guidance without it going through the usual notice and comment period that allows stakeholders to share thoughts and concerns with a proposed rule.