Politico has reported that Republican Senator Jerry Moran has introduced a resolution under the Congressional Review Act (CRA) to overturn the CFPB’s 2013 auto finance guidance.
The guidance is set forth in CFPB Bulletin 2013-02, titled “Indirect Auto Lending and Compliance with the Equal Credit Opportunity Act” (Bulletin). In December 2017, in response to a request from Senator Pat Toomey, the GAO issued a decision concluding that the Bulletin is a “rule” subject to the CRA.
According to Politico, the resolution introduced by Senator Moran has 15 co-sponsors, including Senator Toomey. The CRA is the vehicle used by Congress to overturn the CFPB’s arbitration rule in a party-line vote. CRA resolutions to overturn the CFPB’s final payday/auto title/high-rate installment loan rule have been introduced in the House and Senate.