Political Quotes

“I rise today to offer my support for Senator Moran and Senator Toomey's resolution using the Congressional Review Act to disapprove of the CFPB's 2013 auto finance guidance. 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 rulemaking process governed by the Administrative Procedure Act. It was also an attempt to regulate auto dealers who were explicitly exempted from the CFPB's supervision and regulation under the Dodd-Frank Act. According to an internal CFPB memo, the CFPB rejected developing a rule using its statutory authority to regulate unfair, deceptive, and abusive acts and practices because ``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 noted, ``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 develop guidance instead of a rule was intentional. At Senator Toomey's request, the Government Accountability Office evaluated the bulletin to see if it should have been submitted to Congress as required by the Congressional Review Act.…”