H.R. 5403 113th Congress House

Reforming CFPB Indirect Auto Financing Guidance Act

Official title: 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.

Introduced: September 17, 2014 Introduced by: Marlin A. Stutzman Republican · Indiana See on congress.gov

Finance and Financial Sector Administrative law and regulatory proceduresBanking and financial institutions regulationConsumer Financial Protection BureauConsumer affairs

More subjectsShow fewer subjects

Consumer creditFinancial services and investmentsGovernment information and archivesGovernment studies and investigationsMinority and disadvantaged businessesMotor vehiclesSmall businessWomen in business

Everywhere this bill has been 2 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Sep 8, 2014

Introduced in House

Sep 8, 2014

Referred to the House Committee on Financial Services.

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Latest action September 8, 2014

Referred to the House Committee on Financial Services.

Plain-English summary Congressional Research Service

Reforming CFPB Indirect Auto Financing Guidance Act - 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.

Amends the Consumer Financial Protection Act of 2010 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 (FTC), and the Department of Justice (DOJ); and
study the costs and impacts of the guidance to consumers and women-owned, minority-owned, and small businesses.