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CBA Supports Passage of Auto Guidance CRA
WASHINGTON - Consumer Bankers Association President and CEO Richard Hunt issued the following statement after the U.S. House of Representatives passed a Congressional Review Act Resolution (S.J. Res. 57) to repeal the Bureau of Consumer Financial Protection’s (Bureau) 2013 Auto Bulletin:
“CBA members are committed to ensuring strong fair lending policies and practices are in place at their banks. However, the Bureau’s 2013 Auto Bulletin was a backdoor attempt at rulemaking and failed to provide banks with a clear blueprint to ensure compliance,” said CBA President and CEO Richard Hunt.
“We thank Representative Lee Zeldin (R-N.Y.) for leading the effort in the House and Speaker Paul Ryan for bringing the resolution to the House floor for a vote. We also thank Senators Jerry Moran (R-Kan.), Pat Toomey (R-Penn.) and Majority Leader Mitch McConnell for their efforts in the Senate. We encourage President Trump to sign this resolution.”
The Bureau’s 2013 Bulletin on indirect auto lending fair lending guidance was issued without any public comment, consultation with other regulatory agencies, or transparency. The 2013 Bulletin created an environment of uncertainty, where greater clarity is needed, and should have been provided as a formal notice and comment rulemaking, with appropriate input from all stakeholders.
Sen. Moran and Rep. Lee Zeldin (R-N.Y.) introduced companion resolutions in Congress to repeal the Bureau’s 2013 Auto Bulletin. Both the House and Senate have passed the resolution, and it now awaits signature by President Donald Trump.
About Consumer Bankers Association
The Consumer Bankers Association is the only national trade focused exclusively on retail banking. Established in 1919, the association is now a leading voice in the banking industry and Washington, representing members who employ nearly two million Americans, extend roughly $3 trillion in consumer loans, and provide $270 billion in small business loans.