Representative Frank Guinta (R-N.H.) has drawn bipartisansupport from 31 other fellow House legislators for a bill thatwould send the CFPB back to the drawing board todevelop indirectlending regulation.

“In 2013, the CFPB implemented guidance without providing apublic comment period for consumers, small businesses orstakeholders to prevent families and individuals from obtainingauto financing discounts,” Guinta said in a statement about thebill. “From the single, working mother in Manchester, to the smallbusiness owner on the Seacoast, to the hunters of the north country– this bipartisan bill will provide as many opportunities aspossible for Granite Staters to receive the best financing requiredto achieve car ownership,” he added.

The legislation would nullify the existing regulation andrequire the CFPB to request public notice and comment on areplacement regulation, if it developed one. The agency would alsohave to provide full disclosure of the research used to develop theregulation as well as conduct a study of the regulation's costs toconsumers and small businesses.

Seven other House members co-sponsored the bill when Guintaintroduced it on April 13, who include noted credit union supporterBrad Sherman and fellow Democrats David Scott (GA), Daniel Kildee(MI) and Joyce Beatty (OH). Fellow Republicans Marlin Stutzman(IN), Steve Stivers (OH) and Roger Williams (TX) also co-sponsoredon the first day.

The second-term Guinta sits on the House Financial ServicesCommittee and its Subcommittee on Financial Institutions andConsumer Credit.

The CFPB has not yet commented on the legislation.