House passes resolution to block CFPB auto lending bulletin
WASHINGTON, DC (May 9, 2018) — Today, the House passed disapproval for the Bureau of Consumer Financial Protection’s (CFPB) indirect auto lending bulletin in a 234-175 vote. CUNA wrote a letter to Congress supporting S.J. Res. 57, which would void the guidance bulletin using the Congressional Review Act (CRA). CUNA supports the resolution as the Bureau’s fair lending guidance bulletin was unsupported by research or data.
“As member-owned financial cooperatives, small credit unions are harmed most by poorly tailored rules and policymaking,” said CUNA President/CEO Jim Nussle. “Bureau bulletins should be subject to the CRA as it has been a successful tool in combating unnecessary regulatory burdens for credit unions.”
While CUNA supports the fair lending measure, it strongly opposes discriminatory practices. Credit unions appreciate the efforts by Congress to curtail policymaking conducted outside of the authority granted to the Bureau.
The vote marks the first time that Congress has successfully used the Congressional Review Act resolution to block a years-old agency action outside of the narrow window provided by the law.
About CUNA
Credit Union National Association (CUNA) is the only national association that advocates on behalf of all of America’s credit unions, which are owned by 135 million consumer members. CUNA, along with its network of affiliated state credit union leagues, delivers unwavering advocacy, continuous professional growth and operational confidence to protect the best interests of all credit unions. For more information about CUNA, visit cuna.org. To find your nearest credit union, visit YourMoneyFurther.com.
