Congressional disapproval of regulatory guidance which has been in place for five years is nearly complete, following the House’s vote Tuesday in favor of a Senate resolution repealing the Consumer Financial Protection Bureau’s 2013 indirect auto lending bulletin.
Congressional Review Act (CRA) disapproval resolutions have happened 16 times since the passage of the act in 1998, once in 2001 and 15 times since Republicans took control of the House, Senate and presidency in 2017.
This, however, would be the first time CRA disapproval had been used to nullify a form of guidance, rather than a promulgated rule. Read on for more.
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