Removing Barriers Blog

CUNA-Supported Disapproval of Bureau’s Auto-Lending Bulletin Passes House
Posted May 08, 2018 by Chandler Schuette

The House voted in favor of a CUNA-supported joint resolution of disapproval against the Bureau of Consumer Financial Protection’s indirect auto lending bulletin.  Prior to the vote, CUNA wrote in support of S.J.Res 57 to House Leadership.

While CUNA supports fair lending, it is concerned with the lack of data to support the CFPB’s 2013 bulletin, and is concerned that it created guidance without the usual notice and comment period.

"As member-owned financial cooperatives, small credit unions are harmed most by poorly tailored rules and policymaking," said CUNA President/CEO Jim Nussle. "Bureau bulletins should be subject to the CRA as it has been a successful tool in combating unnecessary regulatory burdens for credit unions."

Credit unions appreciate Congress’s efforts to curtail policymaking conducted outside of the scope of authority granted to the CFPB, particularly when the agency circumvents the public protections found in the APA and other rulemaking requirements.

The joint resolution of disapproval passed the Senate in the middle of April and will now go to the President for his signature.