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
AN ACT
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, veteran-owned, and small businesses, including consumers and small businesses in rural areas.”
Sec. 4 Rule of construction
Nothing in this Act shall be construed to apply to guidance issued by the Bureau of Consumer Financial Protection that is not primarily related to indirect auto financing.