According to a report by The Hill, the House plans to vote on repealing the Consumer Financial Protection Bureau’s indirect auto lending bulletin guidance the week of May 7. The vote would need a simple majority to pass the House and head to the president’s desk for signature and repeal of the five-year-old guidance.
But it is far from the only step which Congress can take with use of the Congressional Review Act (CRA) over guidance. The Government Accountability Office already has reviewed three other pieces of guidance which it has determined to be considered rules subject to CRA standards.
Read on for the next steps Congress could take in reviewing old regulatory guidance.
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