Reforming CFPB Indirect Auto Financing Guidance Act

Bill: 114-s-2663
Sponsor: full_name: Sen. Moran, Jerry [R-KS]
Introduced: 2016-03-10
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

Rural conditions and development

Small business

Veterans' education, employment, rehabilitation

Women in business
Latest action: action_date: 2016-04-07
text: Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 114-520.

Summaries:
action_date: 2016-03-10
action_desc: Introduced in Senate
text: <p><b>Reforming CFPB Indirect Auto Financing Guidance Act </b></p> <p> This bill 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> The Consumer Financial Protection Act of 2010 is amended 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, and the Department of Justice; and <li>study the costs and impacts of the guidance to consumers and women-owned, minority-owned, veteran-owned, and small businesses, including consumers and small businesses in rural areas. </ul>

tv_txt: II 114th CONGRESS 2d Session S. 2663 IN THE SENATE OF THE UNITED STATES March 10, 2016 Mr. Moran introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs 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, veteran-owned, and small businesses, including consumers and small businesses in rural areas. . 4. Rule of construction Nothing in this Act shall be construed to apply to guidance issued by the Bureau of Consumer Financial Protection that is not primarily related to indirect auto financing.