Senator Jerry Moran (R-Kan.) recently introduced a resolution to overturn guidance
promulgated by the Consumer Financial Protection Bureau in 2013.
The resolution seeks to invalidate the Bureau's guidance under
the Congressional Review Act, the same statute that permitted
Congress to
overturn the arbitration rule.
The guidance at issue is the CFPB's highly controversial
Bulletin 2013-02, which set forth the CFPB's interpretation of
the Equal Credit Opportunity Act ("ECOA") as applied to
pricing in the indirect automobile lending space. The Bulletin
targeted dealer markups, a practice whereby an automobile dealer
charges a consumer a higher interest rate than the rate by which an
indirect lender is willing to purchase the consumer's retail
installment contract. The Bureau specifically expressed concern
that indirect lenders afforded too much pricing discretion to
dealers, potentially opening the door to discrimination. Further,
the Bureau also announced in the
