U.S. House committee approves limit on CFPB’s oversight of auto lending

By Hannah Lutz | Automotive News

The U.S. House Financial Services Committee approved a bill Wednesday, 47-10, that would significantly limit the Consumer Financial Protection Bureau’s guidance over auto lending.

The bill aims to “ensure that the CFPB’s auto finance policy is based on accurate analysis and is based on the best interest of consumers,” Rep. Ed Perlmutter, D-Colo., who introduced the bill with Rep. Frank Guinta, R-N.H., in April, said during a committee discussion today.

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