Crapo, Moran, Brown

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

Senator Crapo: (2:44 p.m.)

  • Spoke on the auto lending rule.
    • "It is important that Congress disapprove this guidance because it was an attempt by the CFPB to make substantive policy changes through guidance rather than through the rule-making process governed by the administrative procedures act. It was also an attempt to regulate auto dealers who were explicitly exempted from the CFPB supervision and regulation under the endanger Dodd-Frank act. According to an internal CFPB memo, the CFPB rejected developing a rule using its statutory authority because, quote, the potentially unfair, deceptive, or abusive actions are ostensibly those of dealers over whom we have no regulatory authority. As "The Wall Street Journal" editorial board noticed, that didn't stop former CFPB chief Richard Cordray who used the back door of auto financing to regulate dealers. Make no mistake, the CFPB's decision to use guidance instead of a rule was intentional. "

 

Senator Moran: (2:59 p.m.)

  • Spoke on the auto lending rule.
    • "As we tried to correct the problem, when Dodd-Frank was passed, it got way beyond those culpable for creating the financial circumstances and began to penalize those who had nothing to do with it. One of the creatures of the passage of Dodd-Frank was the Consumer Financial Protection Bureau, and one of the aspects of the Consumer Financial Protection Bureau was for them to regulate auto loans. Mr. President, I think the chairman, the senator from Idaho, did a great job of explaining this resolution, but we have the authority today to reject the decision that was made by the Consumer Financial Protection Bureau, and I hope that my colleagues will join me in doing so."

 

Senator Brown: (3:12 p.m.)

  • Spoke on the auto lending rule.
    • "This is my second day in a row of being on the opposite side of my friend Senator Moran and Senator Crapo too for that matter, but you have to do what you have to do. Over the last year and a half as we have seen time after time after time, Mr. President, Republicans in this Congress have made it pretty clear to the American people whose side they are on. They used the Congressional Review Act, something that most people at home don't know about, something that most of us didn't know about until we've seen at the white house she executive retreats every weekend for Wall Street executives. They used the Congressional Review Act more than any other Congress in history to give handouts to big corporations at the expense of ordinary Americans."