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H.R. 1737 (114th): Reforming CFPB Indirect Auto Financing Guidance Act

The text of the bill below is as of Nov 9, 2015 (Reported by House Committee).


IB

Union Calendar No. 250

114th CONGRESS

1st Session

H. R. 1737

[Report No. 114–329]

IN THE HOUSE OF REPRESENTATIVES

April 13, 2015

(for himself, Mr. Perlmutter, Mr. Stutzman, Mr. David Scott of Georgia, Mr. Stivers, Mr. Sherman, Mr. Williams, Mr. Kildee, and Mrs. Beatty) introduced the following bill; which was referred to the Committee on Financial Services

November 9, 2015

Additional sponsors: Mr. Neugebauer, Mr. Bishop of Georgia, Mr. Barr, Mr. Cooper, Mr. Dold, Ms. Frankel of Florida, Mrs. Lummis, Mr. Gibson, Mr. Gibbs, Ms. Kuster, Mr. Joyce, Ms. Sinema, Mr. Tiberi, Mr. Schrader, Mr. Chabot, Mr. Ryan of Ohio, Mr. Tipton, Mr. Lipinski, Mr. Wenstrup, Ms. Duckworth, Mr. Latta, Ms. Bordallo, Mr. Guthrie, Mr. Murphy of Florida, Mr. Sam Johnson of Texas, Mr. Ashford, Mr. Turner, Mr. Cuellar, Mr. Duffy, Ms. Wilson of Florida, Mr. Hultgren, Mr. Bucshon, Mr. Gene Green of Texas, Mr. Hill, Mrs. Bustos, Mr. Renacci, Mr. Welch, Mr. Graves of Georgia, Mr. Hastings, Mr. McHenry, Ms. Jackson Lee, Mr. Fincher, Mr. Graves of Louisiana, Mr. Johnson of Ohio, Ms. DelBene, Mr. Luetkemeyer, Mr. Hinojosa, Mr. Ribble, Mr. Israel, Mr. Swalwell of California, Mr. Kind, Mr. MacArthur, Mr. Sessions, Mr. Loebsack, Mr. Olson, Ms. Loretta Sanchez of California, Mr. Paulsen, Mr. Sensenbrenner, Ms. Titus, Mr. Pearce, Mrs. Hartzler, Mr. Veasey, Ms. Herrera Beutler, Ms. Brownley of California, Mr. Schweikert, Mr. Palazzo, Mr. Vargas, Mr. Gosar, Mr. Messer, Mr. Walz, Mr. Hanna, Ms. Stefanik, Mr. Vela, Mr. Yoder, Mr. Emmer of Minnesota, Mr. Michael F. Doyle of Pennsylvania, Mr. Posey, Mr. Connolly, Mr. Westmoreland, Mr. Pascrell, Mr. Valadao, Mr. Babin, Ms. Graham, Mr. Walberg, Mr. Mulvaney, Mr. Kilmer, Mr. Lamborn, Miss Rice of New York, Mr. Jolly, Mr. Duncan of Tennessee, Mr. Brady of Pennsylvania, Mr. Collins of New York, Mr. Simpson, Mr. Courtney, Mr. Marchant, Ms. Esty, Mr. Young of Iowa, Ms. Gabbard, Mrs. Brooks of Indiana, Mr. Takai, Mr. Katko, Mr. Costa, Mr. Grothman, Mr. Jordan, Mr. Peterson, Mrs. Torres, Ms. Wasserman Schultz, Mr. Rothfus, Mrs. Wagner, Mr. Goodlatte, Mr. King of New York, Mr. Quigley, Mr. Trott, Mr. Ted Lieu of California, Mr. Hurt of Virginia, Mr. O'Rourke, Mr. Pittenger, Mrs. McMorris Rodgers, Mrs. Kirkpatrick, Mr. Smith of Texas, Mr. Barletta, Mr. Brat, Mr. Huffman, Mr. Zeldin, Mr. Lance, Ms. Granger, Mr. Cramer, Mr. Aguilar, Mr. Harper, Mrs. Black, Mr. Grayson, Mr. Garrett, Mr. Rouzer, Mr. Rigell, Ms. Castor of Florida, Mr. Griffith, Mr. Abraham, Mr. Sires, Mr. Crawford, Ms. Brown of Florida, Mrs. Love, Mr. Pompeo, Mr. Zinke, Mr. Norcross, Mr. Nunes, Mr. Allen, Mr. Hudson, Mr. Bishop of Utah, Mr. Coffman, Mr. Marino, Ms. Jenkins of Kansas, Mr. Sean Patrick Maloney of New York, Mr. Holding, Mr. Huelskamp, Mr. McKinley, Mr. Loudermilk, Mr. Kelly of Pennsylvania, and Mr. Farr

November 9, 2015

Committed to the Committee of the Whole House on the State of the Union and ordered to be printed

A BILL

To nullify certain guidance of the Bureau of Consumer Financial Protection and to provide requirements for guidance issued by the Bureau with respect to indirect auto lending.


1.

Short title

This Act may be cited as the Reforming CFPB Indirect Auto Financing Guidance Act.

2.

Nullification of auto lending guidance

Bulletin 2013–02 of the Bureau of Consumer Financial Protection (published March 21, 2013) shall have no force or effect.

3.

Guidance requirements

Section 1022(b) of the Consumer Financial Protection Act of 2010 (12 U.S.C. 5512(b)) is amended by adding at the end the following:

(5)

Guidance on indirect auto financing

In proposing and issuing guidance primarily related to indirect auto financing, the Bureau shall—

(A)

provide for a public notice and comment period before issuing the guidance in final form;

(B)

make available to the public, including on the website of the Bureau, all studies, data, methodologies, analyses, and other information relied on by the Bureau in preparing such guidance;

(C)

redact any information that is exempt from disclosure under paragraph (3), (4), (6), (7), or (8) of section 552(b) of title 5, United States Code;

(D)

consult with the Board of Governors of the Federal Reserve System, the Federal Trade Commission, and the Department of Justice; and

(E)

conduct a study on the costs and impacts of such guidance to consumers and women-owned, minority-owned, and small businesses.

.

November 9, 2015

Committed to the Committee of the Whole House on the State of the Union and ordered to be printed