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USCC Applauds Bipartisan Passage of Reforming CFPB Indirect Auto Financing Guidance Act

posted November 18, 2015

November 18, 2015 – Washington, D.C. – The US Consumer Coalition (USCC) commends the House of Representatives on today’s bipartisan passage of H.R. 1737, the Reforming CFPB Indirect Auto Financing Guidance Act. Sponsored by Representative Frank Guinta (R-NH), H.R. 1737 would grant consumers continued access to auto financing discounts that can save them millions of dollars every year. To further protect the rights’ of consumers, this bill would also require more transparency in the Consumer Financial Protection Bureau’s (CFPB) regulation and rule-making process.

“By the CFPB’s own admission, they have issued guidance in the past without any study on the impact that it would have on consumers. It is imperative that such studies are done to show the direct, and indirect, impacts that the actions of the powerful CFPB can have on the every day lives of American consumers. The rulemaking process at the CFPB, guided by inaccurate data from their consumer complaint database and studies based on false assumptions, only leads to unfair and unconstitutional policies that are fundamentally anti-consumer.

“USCC supports the reforms that H.R. 1737 seeks to make, as well as any effort to protect consumers’ freedom and choice,” said Brian Wise, President of the US Consumer Coalition.

USCC thanks Representative Guinta, Chairman Hensarling, and the House of Representatives for their hard work in passing this bipartisan piece of legislation.

 

The US Consumer Coalition (USCC) is a grassroots consumer advocacy organization working to protect and expand access to free-market goods and services.

Press Contact:
Diego Sanchez
(202) 617-6155
media@usconsumers.org