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New Bill Rescinds CFPB's Indirect Lending Reg

Bill would kill the present regulation and mandate how another would need to be developed.

By David Morrison | Updated on April 27, 2015

Representative Frank Guinta (R-N.H.) has drawn bipartisan support from 31 other fellow House legislators for a bill that would send the CFPB back to the drawing board to develop indirect lending regulation.

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

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