It’s Official: CFPB Vehicle Lending Guidance is Rescinded

May 25, 2018 | Member News

After a multi-year repeal effort, RVDA and its industry allies celebrated a win this week when President Trump signed Congress’s joint resolution rescinding the CFPB’s 2013 vehicle finance guidance.

The controversial guidance threatened to take away a consumer’s ability to receive discounted loans from dealerships. The guidance was issued without prior notice or opportunity for public comment and was never analyzed for its impact on consumers. 

RVDA questioned the CFPB’s methodology in claiming that lenders were discriminating against consumers. The bureau used individuals’ last names and addresses to make guesses about their protected status and “made it up,” according to House Financial Services Committee Chairman Jeb Hensarling (R-TX).

For more information about the guidance, its history, and RVDA’s position, click here.

Courtesy of RVDA