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Congress Must Review CFPB Auto Lending Bulletin: GAO

Law360, New York (December 6, 2017, 8:58 PM EST) -- A government watchdog agency on Tuesday ruled that a bulletin the Consumer Financial Protection Bureau issued that would hold banks responsible for funding potentially discriminatory auto loans could be reviewed and potentially overturned by Congress.

The Government Accountability Office said that the CFPB’s 2013 bulletin, which ruled that banks could be held responsible for loans they fund but are issued by auto dealers, constituted a rule under federal law and should have been submitted to Congress for review because it establishes a new policy.

“In sum,...
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