Tenney attends signing ceremony at White House to end CFPB’s efforts to regulate car loans
Congresswoman Claudia Tenney (NY-22), member of the House Financial Services Committee, attended the signing ceremony in the Oval Office of S.J. Res.57. This resolution reverses action by the Consumer Financial Protection Bureau, which attempted to regulate car loans issued at auto dealerships. In 2013, the CFPB issued a guidance document, which attempted to regulate auto dealers; however, Tenney says under the Dodd-Frank Act, the CFPB was specifically prohibited from regulating auto dealers. T
“To fix this flaw, S.J. Res. 57 gets rid of the CFPB guidance document, providing auto dealers the flexibility to use discretion in interest rates and compensation markups, ultimately benefiting customers and consumers,” Tenney said. “Today, I was honored to stand next to President Trump as he took action to provide stability to the auto lending marketplace. The signing of this resolution will result in lower costs for consumers and an increased ability for our local dealers to flexibly lend to consumers.
“Auto dealers are small business owners who care deeply about their community and employees. They go to great lengths to provide an extremely important commodity in our community and rolling back this flawed rule is a vital step to providing consumers, especially low-income consumers, with increased access to credit.”
Tenney recently spoke on the U.S. House floor in favor of S.J. Res. 57. Watch her full speech here: www.c-span.org/video/?c4728511/rep-tenney-floor-discussing-auto-lending.