On April 13, 2015, a bipartisan group of 34 members of the
United States House of Representatives introduced a bill that would repeal a Consumer Financial
Protection Bureau (CFPB) bulletin from 2013 challenging a common
practice in the indirect auto finance industry where automobile
dealers would set interest rates on consumer financings.
The bill, entitled Reforming CFPB Indirect Auto Financing
Guidance Act, would nullify the CFPB's indirect auto finance
guidance and require the CFPB to provide for a notice and comment
period before issuing any new guidance on indirect auto
finance.
In a press release, the National Automobile Dealers
Association applauded the bipartisan measure. "Consumers have
the right to obtain auto financing at discounted rates, and those
rights should be protected, not threatened," said National
Automobile Dealers Association President Peter Welch. "There
is bipartisan support in Congress to require the CFPB to consider
how harmful its
