Senate Votes To Roll Back CFPB Auto Lending Rule

Law360, Washington (April 18, 2018, 3:51 PM EDT) -- A push to ax the Consumer Financial Protection Bureau’s 2013 guidance on discrimination in auto lending got one step closer to reality Wednesday after the Senate passed a measure to repeal the rule under the Congressional Review Act.

The resolution, which passed 51-47, represents a new strategy for congressional Republicans targeting agencies’ informal guidance documents that could allow them to reach back decades to rework the way agencies function.

Wednesday’s measure targeted a CFPB guidance that aimed to prevent discriminatory markups by auto lenders that operate...
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