Senate Passes Hoeven-Cosponsored Resolution to Repeal CFPB Auto Lender Rule

WASHINGTON – Senator John Hoeven today issued the following statement after the Senate passed a resolution he cosponsored to repeal a Consumer Financial Protection Bureau (CFPB) regulation that ignored existing law and imposed unnecessary burdens on auto lenders.

“The CFPB regulation on indirect auto loans would have only resulted in limiting credit availability and increasing costs for consumers,” Hoeven said. “It is clear that the agency did not take the time to understand this business practice, as it attempted to bypass the normal rulemaking process and avoid any public input. On top of that, Dodd-Frank, which created the CFPB, specifically exempted auto lenders. The CRA resolution we passed today provides important regulatory relief for auto dealers while also helping to promote more lending options and lower prices for consumers.”