As the House is preparing to pass bipartisan reforms from the Senate regarding Dodd-Frank Act statutes and the Consumer Financial Protection Bureau (CFPB), a heated debate before a vote on repealing indirect auto lending guidance shined a light on fractures surrounding the bureau.
Rep. Mike Kelly (R-Pa.), whose family has been in the auto dealer business for more than 60 years, said he was appalled by the divisiveness shown by Democrats in debating the resolution. Rep. Maxine Waters (D-Calif.) said she was “more offended as an African-American woman than you will ever be.” Financial Services Committee Chairman Jeb Hensarling (R-Texas) said he was shocked as Democrats came to “accuse us of such outrageous defending discrimination.”
Read on for details of the exchanges, and what impact the tone might have for future reforms of the CFPB and Dodd-Frank.
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