Archive

Go to:

August 2018
SMTWTFS
1234
567891011
12131415161718
19202122232425
262728293031
< Jul Sep >
Leaguer Email Subscription

You are not currently subscribed. Click Subscribe below to receive the Leaguer email.

BCFP's Mulvaney Addresses Enactment of S.J. Res. 57
Tuesday, May 22, 2018 6:50 AM

Yesterday, the President signed into law a bipartisan Congressional resolution to disapprove a rule in the form of guidance issued by the Bureau of Consumer Financial Protection about indirect auto lender compliance with the Equal Credit Opportunity Act (ECOA) and its implementing regulation.

In a statement, Acting Director Mick Mulvaney called the actions of the previous leadership at the Bureau "a solution in search of a problem." He also said, "Those actions were misguided, and the Congress has corrected them.

"I look forward to working with the Congress to bring much-needed structural accountability to the Bureau so that our cherished democratic principles are supported and the rights of every American consumer are always protected," Mulvaney said.

The enactment of the Congressional Review Act (CRA) resolution not only undoes the Bureau’s guidance on indirect auto lending; it also prohibits the Bureau from ever reissuing a substantially similar rule unless specifically authorized to do so by law.

"Given a recent Supreme Court decision distinguishing between antidiscrimination statutes that refer to the consequences of actions and those that refer only to the intent of the actor, and in light of the fact that the Bureau is required by statute to enforce federal consumer financial laws consistently, the Bureau will be reexamining the requirements of the ECOA," Mulvaney said.

He noted that yesterday's action also clarifies that a number of Bureau guidance documents may be considered rules for purposes of the CRA, and therefore the Bureau must submit them for review by Congress.