Nullification of Auto Loan Rule Has Broad Implications

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Posted To: MND NewsWire

It only impacts auto lending, but if Mick Mulvaney, acting director of the Consumer Financial Protection Agency (CFPB) keeps his word, a Congressional resolution signed by the President on Monday is likely to have an eventual impact on mortgage and other lending as well. The Joint Resolution, S.J. Res. 57, sponsored by Senator Jerry Moral (R-KS) and Rep Lee Zeldin (R-N.Y.) used the Congressional Review Act (CRA) to formally disapprove a rule from CFPB relating to “Indirect Auto Lending and Compliance with the Equal Credit Opportunity Act”(ECOA). This causes that rule to “have no force or effect.” Some background, and because today there always seem to be two various of facts, we summarize the story from both perspectives, that of the National Auto Dealers Association (NADA) and of The Leadership…(read more)

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