Guinta: Auto Lending Bill Will Save Consumers Millions

U.S. Rep. Frank Guinta, R-NH, joined U.S. Rep. Ed Perlmutter, D-CO, yesterday in introducing H.R. 1737 – the Reforming CFPB Indirect Auto Financing Guidance Act of 2015 - to rescind flawed guidance from the Consumer Financial Protection Bureau (CFPB) which harms consumers by limiting their ability to obtain discounted auto financing.

“In 2013, the CFPB implemented guidance without providing a public comment period for consumers, small businesses or stakeholders to prevent families and individuals from obtaining auto financing discounts. From the single, working mother in Manchester to the small business owner on the Seacoast to the hunters of the north country – this bipartisan bill will provide as many opportunities as possible for Granite Staters to receive the best financing required to achieve car ownership.”

H.R. 1737 would repeal a CFPB bulletin from 2013 that was designed to pressure lending institutions into eliminating the availability of auto financing discounts. These discounts save consumers millions of dollars every year.

Joining Congressman Guinta and Congressman Perlmutter, this strong bipartisan bill has 7 original co-sponsors, including U.S. Reps. Marlin Stutzman, R-IN, David Scott, D-GA, Steve Stivers, R-OH, Brad Sherman, D-CA, Roger Williams, R-TX, Daniel Kildee, D-MI, and Joyce Beatty, D-OH.

For a copy of H.R. 1737, please click here.