Undoing CFPB Guidance May Yield Unintended Effects
Law360 (April 20, 2018, 9:57 PM EDT) -- The U.S. Senate’s recent passage of a measure to scrap Consumer Financial Protection Bureau guidance on auto lending has been framed by supporters as a business-friendly move to rein in a rogue agency, but some experts say this use of the Congressional Review Act could lead to greater uncertainty and more regulation by enforcement.
The guidance was aimed at preventing discriminatory markups by auto lenders that operate through dealerships, but auto industry groups and Republican lawmakers have roundly criticized it since its issuance in a 2013 bulletin, arguing that it amounted to a power grab by the CFPB and should have...
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