Wicker, Crapo

The Auto Lending CRA Resolution of Disapproval (S. J. Res. 57)

Senator Wicker: (11:40 a.m.)

  • Spoke on Coast Guard reauthorization.
    • "And to pick up on something that we were mentioning a few moments ago, not only does this legislation have the support of the Chamber of Commerce and 
      business associations around the country, job creation associations around the country, it has the support of the International Association of Machinists and Aerospace Workers, the International Brotherhood of Boilermakers, the International Longshoremen Association, the International Union of Operating Engineers, and metal trades, AFL-CIO, maritime trades AFL-CIO. I could go on and on, again, pointing out that this legislation has support from both labor and management."

 

Senator Crapo: (11:50 a.m.)

  • Spoke on the auto lending rule.
    • "The first of those votes will be a vote on a resolution brought to the Senate by Senator Moran and Senator Toomey to reject a rule proposed by the Consumer Financial Protection Bureau's 2013 action in which it sought to assert jurisdiction over auto finance guidance. I use the word rule guardedly, though, because as you will see from my remarks, this was an end run by the CFPB in two ways. First, the CFPB doesn't have jurisdiction over auto finance and, second, the CFPB did not use the Administrative Procedures Act to adopt a rule. It sought to implement a rule through a process of issuing a guidance to avoid the scrutiny and the legal challenges to its effort to assert this jurisdiction."