Bill > S2663

This bill, titled the Reforming CFPB Indirect Auto Financing Guidance Act, declares that a specific guidance document from the Consumer Financial Protection Bureau (CFPB) issued in 2013 concerning indirect auto lending will have no legal effect. Indirect auto financing refers to car loans where the consumer applies for a loan through a car dealership, which then works with a lender. The bill also amends the Consumer Financial Protection Act of 2010 to establish new requirements for the CFPB when it creates or issues guidance related to indirect auto financing. These requirements include allowing the public to comment on proposed guidance before it becomes final, making all information the CFPB used to develop the guidance publicly available (with exceptions for information protected by law, such as under the Freedom of Information Act), consulting with other government agencies like the Federal Reserve, Federal Trade Commission, and Department of Justice, and studying the potential costs and effects of the guidance on consumers and various types of businesses, including those in rural areas.