CCAGW Annual Ratings

Indirect Automobile Loan Rule Disapproval – Passage


Passage of the joint resolution that would nullify and disapprove of a Consumer Financial Protection Bureau rule that provides guidance to third parties that offer indirect financing for automobile loans. The rule states that such third party lenders are treated as creditors under the Equal Credit Opportunity Act and the lenders may not mark up the rate of an indirect loan in relation to a borrower's race, color, religion, national origin, sex, marital status, age or receipt of income from any public assistance program.

Vote Number: 
House Vote 171
Bill Number: 
CCAGW Position: 
Vote Results: 
Passed 234-175 : R 223-1; D 11-174