Reforming CFPB Indirect Auto Financing Guidance Act

Reforming CFPB Indirect Auto Financing Guidance Act - Declares without force or effect Consumer Financial Protection Bureau (CFPB) Bulletin 2013-02 (Indirect Auto Lending and Compliance with the Equal Credit Opportunity Act), published March 21, 2013.

Amends the Consumer Financial Protection Act of 2010 to direct the CFPB, when proposing and issuing guidance primarily related to indirect auto financing, to:

• provide for a public notice and comment period before issuing the guidance in final form;
• make publicly available all information relied on by the CFPB;
• redact any information exempt from disclosure under the Freedom of Information Act;
• consult with the Board of Governors of the Federal Reserve System, the Federal Trade Commission (FTC), and the Department of Justice (DOJ); and
• study the costs and impacts of the guidance to consumers and women-owned, minority-owned, and small businesses.

[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5403 Introduced in House (IH)]

113th CONGRESS
  2d Session
                                H. R. 5403

    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.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           September 8, 2014

Mr. Stutzman (for himself, Mr. Perlmutter, Mr. Bachus, Mr. David Scott 
    of Georgia, Mr. Barr, Mr. Sherman, Mr. Campbell, Mr. Peters of 
   Michigan, Mr. Luetkemeyer, Mr. Murphy of Florida, Mr. Posey, Mr. 
  Kildee, Mr. Williams, and Mr. Costa) introduced the following bill; 
       which was referred to the Committee on Financial Services

_______________________________________________________________________

                                 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.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Reforming CFPB Indirect Auto 
Financing Guidance Act''.

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.''.
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