For the first time, Congress has voted on a resolution to disapprove regulatory guidance, using its authority under the Congressional Review Act.
By a 51-47 vote, the Senate voted to reject the five-year-old Consumer Financial Protection Bureau bulletin on indirect auto lending guidance. The resolution now heads to the House, where a majority vote for disapproval will put it on the president’s desk to be signed.
Read on for more details about the process and reaction from the Senate co-sponsors and industry.
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