S.2663 - Reforming CFPB Indirect Auto Financing Guidance Act114th Congress (2015-2016)
|Sponsor:||Sen. Moran, Jerry [R-KS] (Introduced 03/10/2016)|
|Committees:||Senate - Banking, Housing, and Urban Affairs|
|Latest Action:||Senate - 04/07/2016 Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 114-520. (All Actions)|
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Summary: S.2663 — 114th Congress (2015-2016)All Information (Except Text)
Introduced in Senate (03/10/2016)
Reforming CFPB Indirect Auto Financing Guidance Act
This bill declares without force or effect Consumer Financial Protection Bureau (CFPB) Bulletin 2013-02 (Indirect Auto Lending and Compliance with the Equal Credit Opportunity Act), published March 21, 2013.
The Consumer Financial Protection Act of 2010 is amended to direct the CFPB, when proposing and issuing guidance primarily related to indirect auto financing, to:
- provide for a public notice and comment period before issuing the guidance in final form;
- make publicly available all information relied on by the CFPB;
- redact any information exempt from disclosure under the Freedom of Information Act;
- consult with the Board of Governors of the Federal Reserve System, the Federal Trade Commission, and the Department of Justice; and
- study the costs and impacts of the guidance to consumers and women-owned, minority-owned, veteran-owned, and small businesses, including consumers and small businesses in rural areas.