Providers and Administrators in blue logo
MenuMENU
SearchSEARCH

House Committee Votes to Repeal CFPB Auto Lending Guidance

June 12, 2014
2 min to read


Washington, D.C. — A bill supporters believe will bring more transparency into the Consumer Financial Protection Bureau’s guidance-making process was passed by the House Financial Services Committee on Tuesday.


The bill, H.R. 4811, adds safeguards such as requiring prior public notice and greater transparency of future CFPB guidance. In addition, the bill would rescind a bulletin the bureau issued in March 2013. It stated that auto finance sources would be held responsible for discriminatory pricing resulting from policies that permit dealers to mark up interest rates as compensation for services rendered. The CFPB would be allowed to reissue the guidance, but with transparency and public review.

Ad Loading...


The Guidance Transparency Act bill passed the committee on a bipartisan 35-to-24 vote, with Democrats Joyce Beatty (Ohio), Steven Horsford (Nev.) and David Scott (Ga.) supporting the bill. It now heads to the full House of Representatives for a vote.


The bill will now be voted on by the full House of Representatives.


Associations such as the National Automobile Dealers Association (NADA) have been vocal in support of the bill. On June 10, the NADA and the Alliance of Automobile Manufacturers, the American International Automobile Dealers Association (AIADA), American Financial Services Association (AFSA), Recreation Vehicle Industry Association (RVIA), and the Recreation Vehicle Dealers Association (RVDA) sent a letter to the committee in support of the bill.


“The auto finance guidance pressures indirect auto finance companies (lenders who finance auto loans originated by dealers) to eliminate the ability of dealerships to discount the interest rates offered to customers who finance their auto purchase,” the letter read, in part. “The bureau embarked on this new policy, by its own subsequent admission to Congress, without first studying what impact these policy changes would have on the auto finance market, or the marginally creditworthy.”

More Industry

Line graphic showing week-over-week wholesale auto price changes
Industryby StaffApril 22, 2026

Black Book: Weekly Market Update

Wholesale auto conversion rates dropped slightly as auction buyers proved picky last week, analysts observed.

Read More →
pavement with car and charger wrapped around it painted on
Industryby Lauren LawrenceApril 16, 2026

EV Battery Cycle Life at Risk

Fast charging of electric vehicles provides a solution for range anxiety, but it also poses a risk to battery cycle life due to increased temperatures, according to an EV supply chain data provider.

Read More →
Photo of exterior facade of Beardmore Chevrolet store
Industryby Hannah MitchellApril 14, 2026

Founding Family Sells Nebraska Dealerships

Expanding Midwest automotive group picks up three stores as part of the robust transaction activity early this year.

Read More →
Ad Loading...
Up-close photo of car battery
Industryby Hannah MitchellApril 13, 2026

Automaker Increases Parts Recycling

Stellantis is adding a third end-of-life vehicle dismantling facility to feed its growing reuse business sparked in large part by autos’ growing lifespans.

Read More →
Photo of white 2026 Ford Bronco on a sandy beach
Industryby Hannah MitchellApril 10, 2026

March New-Vehicle Sales Don’t Reflect War

Cox Automotive data shows Americans doubled down on big-is-better despite price increases. Slightly higher incentives helped fuel the demand.

Read More →
Photo from the rear of the XC60 SUV
IndustryApril 8, 2026

Volvo to Shift Some EV Production to U.S.

The automaker says its movement of some electric-vehicle work to the S.C. factory is part of a more tailored product focus. It also plans to add a new hybrid model to the plant’s itinerary.

Read More →
Ad Loading...
Bar graphic depicting week-over-week change across the various vehicle segments
Industryby StaffApril 7, 2026

Black Book: Weekly Market Update

Last week's wholesale automotive auction activity continued in a healthy mode, though buyers practiced selectivity.

Read More →
red car at a gas station being filled with gas. Efficiency Drives Demand. Providers and Administrators logo
Industryby Lauren LawrenceApril 7, 2026

Gas Prices Driving Consumer Interest

CarGurus’ first quarterly review of 2026 shows that affordability concerns are continuing to drive consumer purchases with a shift to more fuel-efficient options.

Read More →
Blurred photo of red car moving down a road
Industryby Hannah MitchellMarch 31, 2026

Automakers Have More Tricks Up Their Sleeves

JD Power analysts see auto retail faring this year’s storms well through various means, though it acknowledges conditions are challenging to accurately predict.

Read More →
Ad Loading...
background view of Washington D.C. with the capitol building and cherry trees. Text says 'What's the Cost?' with two diverging arrows and the Providers and Administrator's logo
Industryby Lauren LawrenceMarch 31, 2026

Insurance Rates Continue to Fall

Car insurance premiums have continued to decline so far this year, the overall national average settling at $138 per month in March, according to Insurify data.

Read More →