The House approved a resolution to nullify the Consumer Financial Protection Bureau’s 2013 guidance on indirect auto lending Tuesday by a 234-175 vote, bringing Congress one presidential signature away from its first repeal of an informal federal policy via the Congressional Review Act.
Proponents of invalidating the bulletin argue that it blatantly violates the Dodd-Frank Act, as well as the Administrative Procedures Act. The guidance’s supporters argue that it is crucial to eradicating disparate treatment of minority auto loan applicants.
Find out more about the arguments that led up to the vote and the industry reaction that followed.