CFPB Oversight of Auto Lenders Dealt a Blow

The US House Financial Services Committee voted its support for a bill that would halt the Consumer Financial Protection Bureau’s efforts to prevent auto dealers from offering discounts on interest rates to car and truck buyers. The Guidance Transparency Act bill passed the committee with a 35-to-24 vote that included three Democrats — Reps. Joyce Beatty of Ohio, Steven Horsford of Nev. and David Scott of Ga. — supporting the bill. The National Automobile Dealers Association applauded the committee’s action. The bill, H.R. 481, was introduced by Rep. Marlin Stutzman, R-Ind. The bill would rescind significant aspects of the CFPB’s 2013 auto finance guidance.