Reforming CFPB Indirect Auto Financing Guidance Act

Bill: 113-hr-5403
Sponsor: full_name: Rep. Stutzman, Marlin A. [R-IN-3]
Introduced: 2014-09-08
Policy area: Finance and Financial Sector
Subjects: Administrative law and regulatory procedures

Banking and financial institutions regulation

Consumer Financial Protection Bureau

Consumer affairs

Consumer credit

Financial services and investments

Government information and archives

Government studies and investigations

Minority and disadvantaged businesses

Motor vehicles

Small business

Women in business
Latest action: action_date: 2014-09-08
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2014-09-08
action_desc: Introduced in House
text: <p>Reforming CFPB Indirect Auto Financing Guidance Act - Declares without force or effect Consumer Financial Protection Bureau (CFPB) Bulletin 2013-02 (Indirect Auto Lending and Compliance with the Equal Credit Opportunity Act), published March 21, 2013.</p> <p>Amends the Consumer Financial Protection Act of 2010 to direct the CFPB, when proposing and issuing guidance primarily related to indirect auto financing, to:</p> <ul> <li>provide for a public notice and comment period before issuing the guidance in final form;</li> <li>make publicly available all information relied on by the CFPB;</li> <li>redact any information exempt from disclosure under the Freedom of Information Act;</li> <li>consult with the Board of Governors of the Federal Reserve System, the Federal Trade Commission (FTC), and the Department of Justice (DOJ); and <li>study the costs and impacts of the guidance to consumers and women-owned, minority-owned, and small businesses. </ul>

tv_txt: I 113th CONGRESS 2d Session H. R. 5403 IN THE HOUSE OF REPRESENTATIVES September 8, 2014 Mr. Stutzman (for himself, Mr. Perlmutter , Mr. Bachus , Mr. David Scott of Georgia , Mr. Barr , Mr. Sherman , Mr. Campbell , Mr. Peters of Michigan , Mr. Luetkemeyer , Mr. Murphy of Florida , Mr. Posey , Mr. Kildee , Mr. Williams , and Mr. Costa ) introduced the following bill; which was referred to the Committee on Financial Services A BILL To nullify certain guidance of the Bureau of Consumer Financial Protection and to provide requirements for guidance issued by the Bureau with respect to indirect auto lending.

1. Short title This Act may be cited as the Reforming CFPB Indirect Auto Financing Guidance Act . 2. Nullification of auto lending guidance Bulletin 2013–02 of the Bureau of Consumer Financial Protection (published March 21, 2013) shall have no force or effect. 3. Guidance requirements Section 1022(b) of the Consumer Financial Protection Act of 2010 ( 12 U.S.C. 5512(b) ) is amended by adding at the end the following: (5) Guidance on indirect auto financing In proposing and issuing guidance primarily related to indirect auto financing, the Bureau shall— (A) provide for a public notice and comment period before issuing the guidance in final form; (B) make available to the public, including on the website of the Bureau, all studies, data, methodologies, analyses, and other information relied on by the Bureau in preparing such guidance; (C) redact any information that is exempt from disclosure under paragraph (3), (4), (6), (7), or (8) of section 552(b) of title 5, United States Code; (D) consult with the Board of Governors of the Federal Reserve System, the Federal Trade Commission, and the Department of Justice; and (E) conduct a study on the costs and impacts of such guidance to consumers and women-owned, minority-owned, and small businesses. .