NADA Chairman Charlie Gilchrist voiced his support for the United States-Mexico-Canada Agreement in remarks at a press event. The Texas dealer urged Congress not to ignore the ‘reality’ of an auto industry built on favorable relationships among the three nations.
Four associations representing 12,000 banks and credit unions have asked Senate leaders to consider replacing the Consumer Financial Protection Bureau’s single-director structure with a five-person bipartisan commission next year.
In an amicus brief sent Tuesday, a group of 21 current and former members of Congress argued that the federal appeals court's October ruling that the CFPB's structure violates the federal Constitution has 'fundamentally altered the [bureau].' They want all 17 of the U.S. Court of Appeals for the District of Columbia’s judges to rehear the case.
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.
A provision in the act will grant dealers an additional $8,000 in first year-depreciation for certain business vehicles purchased in 2015. However, to use the provision in 2015, dealers must purchase qualifying vehicles before Dec. 31, 2015. The additional $8,000 continues into 2016 and 2017 but will be gradually phased out starting in 2018, according to the NADA.
CFPB Director Richard Cordray was met with hostility on Tuesday during the bureau’s semi-annual report to Congress. The hearing took place a day before a House committee passed two CFPB reform bills.
This week, a U.S. House committee passed H.R. 1737, a bipartisan bill that aims to repeal the Consumer Financial Protection Bureau’s 2013 guidance on dealer participation.
At the CFPB’s semi-annual report to Congress Wednesday, the bureau’s director praised Honda Finance for setting limitations on dealers’ ability to mark up interest rates on auto loans. But he also fielded questions about whether the bureau is overstepping its jurisdiction.
More than 50 members of Congress have signed a letter urging the CFPB to issue new rules to eliminate the use of forced arbitration clauses in consumer financial service contracts.
Three days after a bipartisan bill aimed at repealing the CFPB’s March 2013 dealer participation guidance was introduced, the House passed a second bill that would open the bureau’s committee meetings to Congress and the public.
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