Press Releases

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

“I’m pleased to see President Trump join Congress in sending a clear message of disapproval of a 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. This will benefit ALL Americans because they will have access to improved and cheaper auto lending allowing them to retain more of their hard-earned money.

“The CFPB circumvented Congress by issuing this guidance and used poorly crafted discriminatory procedures in attempting to justify it, and intended to undermine the consumer and deny companies’ due process rights. By President Trump and Congress taking this action, we avoided the CFPB’s flawed guidance from damaging our economy and without weakening the Lenders’ obligations under fair credit laws. I am proud to have supported this measure and that President Trump took action to protect the rights of hardworking Americans to continue to hold this unchecked agency accountable for its actions.”

Background:

Under the Equal Credit Opportunity Act (ECOA), which is existing law, it prohibits discrimination in any aspect of a credit transaction. It applies to any extension of credit, including extensions of credit to small businesses, corporations, partnerships, and trusts.