A bill that would limit the Consumer Financial Protection Bureau’s 2013 auto lending guidance passed the House of Representatives late Wednesday. Automotive News explains that "H.R. 1737 -- the Reforming CFPB Indirect Auto Financing Guidance Act -- would revoke 2013 auto lending guidance from the CFPB. The guidance suggests lenders should either impose limits on or eliminate dealerships’ ability to adjust, on a case-by-case basis, the amount of compensation they keep for arranging a consumer auto loan, a discretionary practice that the CFPB says can lead to discriminatory loan pricing."
The full story is here.
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