Monday, May 21, 2018

Trump quietly signs resolution ending Obama-era regulation of auto lending

The measure struck down 2013 guidance from the Consumer Financial Protection Bureau informing financial firms they would be held liable for fair lending laws if they arrange financing with auto dealers. The Obama administration presented the rule as necessary for counteracting discrimination.

Congress’ use of the Congressional Review Act to cancel the guidance is unprecedented, given that it was informal guidance and not an official agency rule....

Republican chairman of the House Financial Services Committee Jeb Hensarling commended the decision after attending the closed-door ceremony.

“Gone are the days of a rogue Bureau using its unchecked powers to sidestep due process and harm the very consumers it is charged with protecting,” he said in a statement.