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CFPB Bill H.R. 1737 Passes House | DrivingSales News

CFPB Bill H.R. 1737 Passes House, Obama Veto Possible

November 19, 2015 0 Comments

A bill before the house meant to force the CFPB into transparency has passed. The question is, will it have enough momentum to become law?

H.R. 1737 has passed the United States House of Representatives by a vote of 332 to 96. As we reported previously, the bill is intended to nullify the highly controversial guidance issued by the CFPB in 2013. The bill would also require the CFPB to be more transparent. That transparency would mean making their methodologies and data public as well as having a public comment period before abruptly introducing an auto loan guidance.

The bill now needs to pass the U.S. Senate, where the Republican Party holds the majority over Democrats 54-45. For any hope of the bill actually becoming a law, it will need a two-thirds majority to withstand a veto by President Obama. The white house spoke out against the bill earlier this week, telling Reuters in a statement, the bill is an “important guidance designed to prevent discriminatory pricing of auto loans.”

The bill has received a lot of support from NADA, as Peter K. Welch, the organization’s president wrote an article appearing in The Hill about the bill. Part of that article talked about a compliance program NADA developed for dealers, based upon a fair credit program from the department of justice. Welch explained, ” Many dealerships have adopted this program, and numerous well-respected compliance attorneys who have reviewed this optional approach are very supportive of it. Unfortunately, the CFPB won’t accept this common-sense solution.” NADA has encouraged dealers to show support for H.R. 1737 by contacting their local member of congress.

Do you think that H.R. 1737 should become law? Do you think that it will pass two-thirds of the U.S. Senate? What do you think of the CFPB and their interest in auto finance? Finally, would you want the CFPB to have direct regulatory authority over dealers?

About the Author:

The DrivingSales News team is dedicated to breaking the relevant and the tough stories affecting car dealers. Have questions for DrivingSales News? Reach the team at news@drivingsales.com.

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