H.R. 1737 – Reading Mode

IIB

114th CONGRESS

1st Session

H. R. 1737

IN THE SENATE OF THE UNITED STATES

November 19, 2015

Received; read twice and referred to the Committee on Banking, Housing, and Urban Affairs

AN ACT

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.

Short title

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

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.

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, veteran-owned, and small businesses, including consumers and small businesses in rural areas.

Rule of construction

Nothing in this Act shall be construed to apply to guidance issued by the Bureau of Consumer Financial Protection that is not primarily related to indirect auto financing.

Passed the House of Representatives November 18, 2015.

Karen L. Haas,

Clerk