Unusual Step Leads to Regulatory Rollback
The dealers (and lenders) got a big win when the US House voted to strike down an Obama-era auto-lending safeguard a novel maneuver that consumer watchdogs warn could expose decades of federal regulation to the same fate.
In a 234-175 vote, the House agreed to eliminate 2013 Consumer Financial Protection Bureau guidelines that the agency drafted to combat racial discrimination by auto dealers that facilitate car loans for their customers. President Donald Trump is expected to sign off on the rollback, which the Senate first passed last month. Consumer watchdogs are warning that all bets are off.
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