Section 1 Short title
This Act may be cited as the “Reforming CFPB Indirect Auto Financing Guidance Act”.
Reforming CFPB Indirect Auto Financing Guidance Act
A BILL
To nullify certain guidance of the Bureau of Consumer Financial Protection and to provide requirements for guidance issued by the Bureau with respect to indirect auto lending.
Sec. 2 Nullification of auto lending guidance
Bulletin 2013–02 of the Bureau of Consumer Financial Protection (published March 21, 2013) shall have no force or effect.
Sec. 3 Guidance requirements
Section 1022(b) of the Consumer Financial Protection Act of 2010 (12 U.S.C. 5512(b)) is amended by adding at the end the following:
“(5) Guidance on indirect auto financing—In proposing and issuing guidance primarily related to indirect auto financing, the Bureau shall—
“(A) provide for a public notice and comment period before issuing the guidance in final form;
“(B) make available to the public, including on the website of the Bureau, all studies, data, methodologies, analyses, and other information relied on by the Bureau in preparing such guidance;
“(C) redact any information that is exempt from disclosure under paragraph (3), (4), (6), (7), or (8) of section 552(b) of title 5, United States Code;
“(D) consult with the Board of Governors of the Federal Reserve System, the Federal Trade Commission, and the Department of Justice; and
“(E) conduct a study on the costs and impacts of such guidance to consumers and women-owned, minority-owned, and small businesses.”