[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[S. 2663 Introduced in Senate (IS)]

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114th CONGRESS
  2d Session
                                S. 2663

    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 SENATE OF THE UNITED STATES

                             March 10, 2016

   Mr. Moran introduced the following bill; which was read twice and 
    referred to the Committee on Banking, Housing, and Urban Affairs

_______________________________________________________________________

                                 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, veteran-owned, and small businesses, including 
                consumers and small businesses in rural areas.''.

SEC. 4. RULE OF CONSTRUCTION.

    Nothing in this Act shall be construed to apply to guidance issued 
by the Bureau of Consumer Financial Protection that is not primarily 
related to indirect auto financing.
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