Press Releases

WASHINGTON – Today, Rep. French Hill (AR-02) released a statement on Congressional Review Act Joint Resolution Disapproving of the Consumer Finance Protection Bureau’s (CFPB) Indirect Auto Financing Guidance:

“Today, my colleagues and I joined the Senate and sent a clear message of disapproval of yet another burdensome rule issued by the CFPB under the direction of then-Director Richard Cordray – this time making it harder and more expensive for American families to purchase a car – something critical for getting to work and for providing for their families. The CFPB’s move was intended to undermine the consumer and deny companies’ due process rights. By taking this action, we avoided the CFPB’s flawed guidance from damaging our economy, and I am proud to support today’s vote to protect the rights of hardworking Americans to continue to hold this unchecked agency accountable for its actions.”

Watch Rep. Hill’s floor speech here.

Background:

Former Director of Consumer Financial Protection, Richard Cordray, issued guidance attempting to regulate automobile dealers, even though they are specifically prohibited from doing so under the Dodd-Frank Act. The CRA uses authority under the S.J. Res. 57 to nullify the Bureau of Consumer Financial Protection’s March 2013 bulletin relating to indirect auto lending and compliance with the Equal Credit Opportunity Act.

Nothing in this action weakens the Bureau or Congress’s longtime statutory support of fair credit for all Americans.

The bill has passed the Senate with bipartisan support and now goes to the desk of the President for his signature.