Yesterday, by a bipartisan vote of 51-47, the Senate approved S.J.Res. 57, which rescinds the Consumer Financial Protection Bureau’s (CFPB’s) flawed auto finance guidance. The Senate relied on the Congressional Review Act (CRA) to take this very significant step to reject the multi-year, unjustified attack on indirect auto lending.
NADA applauds Sen. Moran (R-Kan.) for his leadership on this issue, as well as Sen. Pat Toomey (R-Penn.). Please thank those Senators who voted “Yes” to repeal the CFPB’s flawed guidance and preserve affordable auto loans for consumers. NADA also thanks Sen. Joe Manchin (D-W.V.), who broke with party ranks to vote “yes” on S.J.Res. 57. Several Democratic Senators who voted “No” used procedural rationales to justify siding with far-left voices in the Senate. Click here for the vote summary on passage of S.J.Res. 57 and to see how your senator voted.
The White House issued a statement of administration policy stating that the President’s advisors will recommend President Trump sign S.J.Res. 57 into law if it passes the House. According to White House, the guidance “limits the ability of auto dealers to offer auto loans to their customers and was not issued pursuant to notice-and-comment rulemaking… Further, the Dodd-Frank Act explicitly excludes the regulation of auto dealers from the CFPB’s jurisdiction. Disapproving this bulletin, therefore, would provide consumers with more options for auto financing while ensuring that the CFPB abides by congressional limits on its jurisdiction.”
The House is expected to vote as early as next week on S.J.Res. 57 (identical to H.J.Res. 132), which would clear the measure for the president’s signature. Dealers are urged to call their member of Congress and urge them to vote “yes” on S.J.Res. 57.
For more information, click here, or contact NADA Legislative at 202.547.5500.