Reforming CFPB Indirect Auto Financing Guidance Act

1/11/2023, 1:27 PM

Reforming CFPB Indirect Auto Financing Guidance Act

(Sec. 2) Declares without force or effect Consumer Financial Protection Bureau (CFPB) Bulletin 2013-02 (Indirect Auto Lending and Compliance with the Equal Credit Opportunity Act), published March 21, 2013.

(Sec. 3) Amends the Consumer Financial Protection Act of 2010 to direct the CFPB, when proposing and issuing guidance primarily related to indirect auto financing, to:

  • provide for a public notice and comment period before issuing the guidance in final form;
  • make publicly available all information relied on by the CFPB;
  • redact any information exempt from disclosure under the Freedom of Information Act;
  • consult with the Board of Governors of the Federal Reserve System, the Federal Trade Commission, and the Department of Justice; and
  • study the costs and impacts of the guidance to consumers and women-owned, minority-owned, veteran-owned, and small businesses, including consumers and small businesses in rural areas.
Congress
114

Number
HR - 1737

Introduced on
2015-04-13

# Amendments
3

Sponsors
+5

Cosponsors
+5

Variations and Revisions

11/19/2015

Status of Legislation

Bill Introduced
Introduced to House
House to Vote
Introduced to Senate
Senate to Vote

Purpose and Summary

Reforming CFPB Indirect Auto Financing Guidance Act

(Sec. 2) Declares without force or effect Consumer Financial Protection Bureau (CFPB) Bulletin 2013-02 (Indirect Auto Lending and Compliance with the Equal Credit Opportunity Act), published March 21, 2013.

(Sec. 3) Amends the Consumer Financial Protection Act of 2010 to direct the CFPB, when proposing and issuing guidance primarily related to indirect auto financing, to:

  • provide for a public notice and comment period before issuing the guidance in final form;
  • make publicly available all information relied on by the CFPB;
  • redact any information exempt from disclosure under the Freedom of Information Act;
  • consult with the Board of Governors of the Federal Reserve System, the Federal Trade Commission, and the Department of Justice; and
  • study the costs and impacts of the guidance to consumers and women-owned, minority-owned, veteran-owned, and small businesses, including consumers and small businesses in rural areas.
Alternative Names
Official Title as IntroducedTo nullify certain guidance of the Bureau of Consumer Financial Protection and to provide requirements for guidance issued by the Bureau with respect to indirect auto lending.

Policy Areas
Finance and Financial Sector

Potential Impact
Administrative law and regulatory procedures•
Banking and financial institutions regulation•
Consumer Financial Protection Bureau•
Consumer affairs•
Consumer credit•
Financial services and investments•
Government information and archives•
Government studies and investigations•
Minority and disadvantaged businesses•
Motor vehicles•
Rural conditions and development•
Small business•
Veterans' education, employment, rehabilitation•
Women in business

Comments

Recent Activity

Latest Summary3/15/2016

Reforming CFPB Indirect Auto Financing Guidance Act

(Sec. 2) Declares without force or effect Consumer Financial Protection Bureau (CFPB) Bulletin 2013-02 (Indirect Auto Lending and Compliance with the Equal Credit Opportunity Act...


Latest Action11/19/2015
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.