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Reforming CFPB Indirect Auto Financing Guidance Act

1/11/2023, 1:31 PM

Congressional Summary of S 2663

Reforming CFPB Indirect Auto Financing Guidance Act

This bill 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.

The Consumer Financial Protection Act of 2010 is amended 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.

Read the Full Bill

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Current Status of Bill S 2663

Bill S 2663 is currently in the status of Bill Introduced since March 10, 2016. Bill S 2663 was introduced during Congress 114 and was introduced to the Senate on March 10, 2016.  Bill S 2663's most recent activity was Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 114-520. as of April 7, 2016

Bipartisan Support of Bill S 2663

Total Number of Sponsors
1
Democrat Sponsors
0
Republican Sponsors
1
Unaffiliated Sponsors
0
Total Number of Cosponsors
0
Democrat Cosponsors
0
Republican Cosponsors
0
Unaffiliated Cosponsors
0

Policy Area and Potential Impact of Bill S 2663

Primary Policy Focus

Finance and Financial Sector

Potential Impact Areas

- 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

Alternate Title(s) of Bill S 2663

Reforming CFPB Indirect Auto Financing Guidance Act
A bill to 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.
Reforming CFPB Indirect Auto Financing Guidance Act

Comments

Sponsors and Cosponsors of S 2663

Jerry Moran
Jerry Moran
KansasRepublican

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