Hoeven-Cosponsored Regulatory Relief Bill Signed into Law

Legislation Repeals CFPB Rule, Helps Promote Auto Lending Options & Lower Prices

WASHINGTON – Senator John Hoeven today issued the following statement after legislation he cosponsored to provide regulatory relief, promote more auto lending options and maintain lower lending costs was signed into law by the president. The legislation repeals a Consumer Financial Protection Bureau (CFPB) rule that ignored existing law and imposed unnecessary burdens on auto lenders.

“When the CFPB placed restrictions on auto lenders, they did so without public input or authorization from Congress, as auto lending was specifically exempted in the legislation that created the agency,” Hoeven said. “By repealing this rule, we are promoting consumer choice and helping to maintain lower costs for customers.”