[dropcap]The[/dropcap] legislation, sponsored by Sen. Jerry Moran (R-Kan.), takes aim at one of the Consumer Financial Protection Bureau’s most controversial campaigns and addresses years of complaints by Republicans and the powerful auto industry that the watchdog agency had overstepped its bounds.
It also comes as the Trump-appointed leader of the agency, Mick Mulvaney, works to tame the bureau’s ambitions and pledges that it will no longer push the legal envelope. [mc4wp_form id=”6042″]
The auto lending guidance is the latest example of “runaway regulations,” Senate Majority Leader Mitch McConnell (R-Ky.) said Tuesday morning. Repealing it “will protect consumers from a brazen attempt by the past director of the Consumer Financial Protection Bureau to stretch his authority and interfere in the auto industry.”
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