McMorris Rodgers Votes to Roll Back CFPB Overreach

May 08, 2018 | COMMUNICATIONS •

WASHINGTON, D.C. – House Republican Conference Chair Cathy McMorris Rodgers (R-WA) released the following statement after the House voted to disapprove of Obama-era Consumer Financial Protection Bureau (CFPB) guidance regarding car loans issued at auto dealerships that far overstepped the bureau’s legal authority under Dodd-Frank. To date, 17 Congressional Review Act bills have passed the House, and President Trump has signed a record 15 into law — more than any other president in history.

“Today we continued our historic efforts by voting to roll back more complicated, burdensome Obama-era red tape that was slowing down our economic growth. The inappropriately named Consumer Financial Protection Bureau overstepped its authority without any accountability to Congress, local auto dealers, or their customers. Policy should be in the American people’s best interest — not in the best interest of a bureaucratic agency. This resolution provides much-needed stability to auto lending by preventing the CFPB from using its guidance as a weapon of enforcement that results in fewer financing options for car buyers and higher costs for families across the country.”

Note: Under the Congressional Review Act, Congress has the ability to disapprove certain regulations issued in the final months of an outgoing administration, often referred to as “midnight rules.” Today’s resolution of disapproval was introduced by Senators Jerry Moran (R-KS) and Pat Toomey (R-PA).