[Congressional Record Volume 161, Number 169 (Tuesday, November 17, 2015)]
[House]
[Page H8246]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




          REFORMING CFPB INDIRECT AUTO FINANCING GUIDANCE ACT

  The SPEAKER pro tempore. The Chair recognizes the gentleman from West 
Virginia (Mr. Jenkins) for 5 minutes.
  Mr. JENKINS of West Virginia. Mr. Speaker, I rise today in strong 
support of H.R. 1737, the Reforming CFPB Indirect Auto Financing 
Guidance Act.
  Businesses across West Virginia's Third District are already facing 
hardships from the Consumer Financial Protection Bureau's rules. Those 
businesses that make, sell, finance, or service motor vehicles in my 
State are especially worried about the CFPB's 2013 rulemaking affecting 
their industry.
  The 2013 rule could raise credit costs and push consumers out of the 
marketplace entirely. It should be consumers, not government 
bureaucrats, deciding what works best for them.
  This bill would rescind that flawed rule and replace it with 
commonsense guidance for transactions related to indirect auto 
financing. The bill would give consumers, especially those with low and 
moderate incomes, a chance to receive the best financing options 
available for them to purchase a new auto vehicle.
  I fully support passage of this bill and hope we can continue to work 
in a bipartisan fashion to reform CFPB rulemaking.

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