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CBA Supports Senate Passage of CRA Overturning CFPB’s 2013 Auto Bulletin
WASHINGTON - Consumer Bankers Association President and CEO Richard Hunt issued the following statement after the U.S. Senate passed a Congressional Review Act Resolution (S.J. Res. 57) to repeal the CFPB’s 2013 Auto Bulletin:
“CBA member banks are strongly committed to ensuring fair lending policies and practices while fulfilling consumers’ financial needs. For that reason it is critical to have clear rules and guidance from regulators so our member banks can be certain of compliance. The CFPB’s 2013 Auto Bulletin was a backdoor attempt at rulemaking without notice or comment and lacked the clarity needed by lenders,” said CBA President and CEO Richard Hunt.
“We thank Senators Jerry Moran (R-Kan.) and Pat Toomey (R-Penn.) for leading the effort in the Senate and Majority Leader Mitch McConnell for bringing the resolution to the Senate floor for a vote. We encourage the House to swiftly pass this resolution as well.”
The CFPB’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 CFPB’s 2013 Auto Bulletin.