Reforming CFPB Indirect Auto Financing Guidance Act

Bill: 114-hr-1737
Sponsor: full_name: Rep. Guinta, Frank C. [R-NH-1]
Introduced: 2015-04-13
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: 2015-11-19
text: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Summaries:
action_date: 2015-04-13
action_desc: Introduced in House
text: <p><b>Reforming CFPB Indirect Auto Financing Guidance Act </b></p> <p> 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, and the Department of Justice; and <li>study the costs and impacts of the guidance to consumers and women-owned, minority-owned, and small businesses. </ul>

action_date: 2015-11-09
action_desc: Reported to House without amendment
text: <p>(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)</p> <p><b>Reforming CFPB Indirect Auto Financing Guidance Act </b></p> <p> (Sec. 2) 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>(Sec. 3) 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, and the Department of Justice; and <li>study the costs and impacts of the guidance to consumers and women-owned, minority-owned, and small businesses. </ul>

action_date: 2015-11-18
action_desc: Passed House amended
text: <p><b>Reforming CFPB Indirect Auto Financing Guidance Act </b></p> <p> (Sec. 2) 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>(Sec. 3) 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, 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: I 114th CONGRESS 1st Session H. R. 1737 IN THE HOUSE OF REPRESENTATIVES April 13, 2015 Mr. Guinta (for himself, Mr. Perlmutter , Mr. Stutzman , Mr. David Scott of Georgia , Mr. Stivers , Mr. Sherman , Mr. Williams , Mr. Kildee , and Mrs. Beatty ) 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. .

tv_txt: IB 114th CONGRESS 1st Session H. R. 1737 IN THE HOUSE OF REPRESENTATIVES AN ACT 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.

Passed the House of Representatives November 18, 2015. Karen L. Haas, Clerk.

tv_txt: IIB 114th CONGRESS 1st Session H. R. 1737 IN THE SENATE OF THE UNITED STATES November 19, 2015 Received; read twice and referred to the Committee on Banking, Housing, and Urban Affairs AN ACT 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.

Passed the House of Representatives November 18, 2015. Karen L. Haas, Clerk

tv_txt: IB Union Calendar No. 250 114th CONGRESS 1st Session H. R. 1737 [Report No. 114–329] IN THE HOUSE OF REPRESENTATIVES April 13, 2015 Mr. Guinta (for himself, Mr. Perlmutter , Mr. Stutzman , Mr. David Scott of Georgia , Mr. Stivers , Mr. Sherman , Mr. Williams , Mr. Kildee , and Mrs. Beatty ) introduced the following bill; which was referred to the Committee on Financial Services November 9, 2015 Additional sponsors: Mr. Neugebauer , Mr. Bishop of Georgia , Mr. Barr , Mr. Cooper , Mr. Dold , Ms. Frankel of Florida , Mrs. Lummis , Mr. Gibson , Mr. Gibbs , Ms. Kuster , Mr. Joyce , Ms. Sinema , Mr. Tiberi , Mr. Schrader , Mr. Chabot , Mr. Ryan of Ohio , Mr. Tipton , Mr. Lipinski , Mr. Wenstrup , Ms. Duckworth , Mr. Latta , Ms. Bordallo , Mr. Guthrie , Mr. Murphy of Florida , Mr. Sam Johnson of Texas , Mr. Ashford , Mr. Turner , Mr. Cuellar , Mr. Duffy , Ms. Wilson of Florida , Mr. Hultgren , Mr. Bucshon , Mr. Gene Green of Texas , Mr. Hill , Mrs. Bustos , Mr. Renacci , Mr. Welch , Mr. Graves of Georgia , Mr. Hastings , Mr. McHenry , Ms. Jackson Lee , Mr. Fincher , Mr. Graves of Louisiana , Mr. Johnson of Ohio , Ms. DelBene , Mr. Luetkemeyer , Mr. Hinojosa , Mr. Ribble , Mr. Israel , Mr. Swalwell of California , Mr. Kind , Mr. MacArthur , Mr. Sessions , Mr. Loebsack , Mr. Olson , Ms. Loretta Sanchez of California , Mr. Paulsen , Mr. Sensenbrenner , Ms. Titus , Mr. Pearce , Mrs. Hartzler , Mr. Veasey , Ms. Herrera Beutler , Ms. Brownley of California , Mr. Schweikert , Mr. Palazzo , Mr. Vargas , Mr. Gosar , Mr. Messer , Mr. Walz , Mr. Hanna , Ms. Stefanik , Mr. Vela , Mr. Yoder , Mr. Emmer of Minnesota , Mr. Michael F. Doyle of Pennsylvania , Mr. Posey , Mr. Connolly , Mr. Westmoreland , Mr. Pascrell , Mr. Valadao , Mr. Babin , Ms. Graham , Mr. Walberg , Mr. Mulvaney , Mr. Kilmer , Mr. Lamborn , Miss Rice of New York , Mr. Jolly , Mr. Duncan of Tennessee , Mr. Brady of Pennsylvania , Mr. Collins of New York , Mr. Simpson , Mr. Courtney , Mr. Marchant , Ms. Esty , Mr. Young of Iowa , Ms. Gabbard , Mrs. Brooks of Indiana , Mr. Takai , Mr. Katko , Mr. Costa , Mr. Grothman , Mr. Jordan , Mr. Peterson , Mrs. Torres , Ms. Wasserman Schultz , Mr. Rothfus , Mrs. Wagner , Mr. Goodlatte , Mr. King of New York , Mr. Quigley , Mr. Trott , Mr. Ted Lieu of California , Mr. Hurt of Virginia , Mr. O'Rourke , Mr. Pittenger , Mrs. McMorris Rodgers , Mrs. Kirkpatrick , Mr. Smith of Texas , Mr. Barletta , Mr. Brat , Mr. Huffman , Mr. Zeldin , Mr. Lance , Ms. Granger , Mr. Cramer , Mr. Aguilar , Mr. Harper , Mrs. Black , Mr. Grayson , Mr. Garrett , Mr. Rouzer , Mr. Rigell , Ms. Castor of Florida , Mr. Griffith , Mr. Abraham , Mr. Sires , Mr. Crawford , Ms. Brown of Florida , Mrs. Love , Mr. Pompeo , Mr. Zinke , Mr. Norcross , Mr. Nunes , Mr. Allen , Mr. Hudson , Mr. Bishop of Utah , Mr. Coffman , Mr. Marino , Ms. Jenkins of Kansas , Mr. Sean Patrick Maloney of New York , Mr. Holding , Mr. Huelskamp , Mr. McKinley , Mr. Loudermilk , Mr. Kelly of Pennsylvania , and Mr. Farr November 9, 2015 Committed to the Committee of the Whole House on the State of the Union and ordered to be printed 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. .

November 9, 2015 Committed to the Committee of the Whole House on the State of the Union and ordered to be printed