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Four Trade Groups Ask Lawmakers to Instate Five-Person Board to Lead CFPB

WASHINGTON, D.C. —  Four associations representing 12,000 banks and credit unions submitted a letter to Senate leaders urging them to consider replacing the Consumer Financial Protection Bureau (CFPB)’s single-director structure with a five-person bipartisan commission next year. The associations listed in the letter, which was sent on Wednesday to Senator Majority Leader Mitch McConnell (R-Ky.) ... Read More »

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CFPB Supporters Ask Federal Appellate Court to Rehear CFPB Decision

WASHINGTON, D.C. — In an amicus brief sent Tuesday, a group of current and former members of Congress that supported the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 urged the federal appellate court that deemed the Consumer FInancial Protection Bureau (CFPB)’s structure unconstitutional to rehear the case. Arguing that the court’s October ... Read More »

103 Lawmakers Call on CFPB to Eliminate Mandatory Arbitration

WASHINGTON, D.C. — On Wednesday, more than 100 members of Congress called on the Consumer Financial Protection Bureau (CFPB) to proceed with its effort to eliminate forced arbitration. In two separate letters, 103 members of the House of Representatives and U.S. Senatepraised CFPB Director Richard Cordray for his agency’s proposed rule prohibiting mandatory arbitration clauses in finance contracts. ... Read More »

Provision in New Tax Bill May Benefit Dealers

WASHINGTON, D.C. — Congress recently passed the “Protecting Americans from Tax Hikes Act of 2015,” a $622 billion tax bill that will allow dealers and their customers to expense a larger portion of business equipment purchases, according to a release from the National Automobile Dealer Association. The NADA said the provisions included in the Act ... Read More »

CFPB Accused of Using ‘Junk Science’ to Regulate Auto Lending

Members of Congress Call on CFPB to Eliminate Arbitration Agreements

SAINT PAUL, Minn. — More than 50 members of Congress, led by U.S. Sen. Al Franken (D-Minn.) and Rep. Hank Johnson (D-Ga.), signed a letter asking the Consumer Financial Protection Bureau (CFPB) to issue new rules that would eliminate the use of forced arbitration clauses in consumer financial service contracts. The letter, submitted to CFPB ... Read More »

Obama’s Budget, a Mixed Bag For Small Businesses

Bill to Rescind CFPB Auto Lending ‘Guidance’ Gains Support in Congress

WASHINGTON – More than 400 new-car dealers and dealer association executives from across the country traveled to the nation’s capital last week urging lawmakers to support a new bipartisan bill that nullifies the Consumer Financial Protection Bureau’s flawed “guidance” on auto lending (NADA). H.R. 5403 – Reforming CFPB Indirect Auto Financing Guidance Act – sponsored ... Read More »

U.S. Auto Regulators Defend Role in GM Recall After Report

Federal auto safety regulators came under scrutiny in a Senate hearing on Tuesday for their role in General Motors’ failure to promptly report and recall cars with defective parts that led to at least 19 deaths, reported Reuters. A report released by a House committee earlier on Tuesday said officials at the National Highway Traffic ... Read More »

Tax Changes Ahead?