From [HERE] President Trash has repealed auto-lending guidance from the Consumer Financial Protection Bureau (CFPB), revoking a rule that was put in place to protect minority customers from predatory practices.
Trump’s signature on a congressional resolution erases the CFPB’s 2013 guidance targeting “dealer markups,” the additional interest that is added to a customer’s third-party auto loan as compensation for the dealer. The president signed the resolution in a private White House signing ceremony. [MORE]
The color of your skin can make buying a car more expensive, decades of experiments and data show.
Weeks after the Senate took the same action the House on Tuesday passed a measure to roll back guidance on auto lending issued by the Consumer Financial Protection Bureau. The vote is the first test for a new strategy employed by Republicans in Congress, which could enable the repeal of hundreds of administrative regulations passed in recent decades.
The guidance, issued in 2013, was intended to limit discriminatory practices in the auto loan business. Congress repealed the guidance using the Congressional Review Act, a little-known law that allows Congress to undo the rules issued by administrative agencies and government regulators.
Congressional Republicans used the act in 2017 to repeal more than a dozen Obama-era regulations. Prior to 2017, the Congressional Review Act had been used only once since being passed in 1996. [MORE]