Political Quotes

“thank you very much. I come to the floor again today to visit a moment about S.J. Res. 57. It disapproves the CFPB guidance on indirect auto lending. This is a piece of legislation I introduced, and I appreciate the strong and valuable assistance I have had from the Senator from Pennsylvania, Mr. Toomey, and certainly the chairman of the Banking Committee, the Senator from Idaho, and other colleagues. I want to talk just a moment about process, the use of a CRA, and the fact that the CFPB utilized what they called guidance as compared to a rulemaking process. I want to make certain that my colleagues understand that Agencies and Departments still would be encouraged to put out guidance to ensure appropriate compliance with the law. This CRA resolution ought not have a chilling effect on guidance because guidance is a useful tool. It can be helpful to those who are being regulated, but it needs to be issued for traditional purposes--guidelines for complying with Federal law. One of the CFPB's errors in issuing this guidance in this instance was that they proceeded down the path of an aggressive enforcement action in search of market-tipping settlements. If enforcement action is desired on the part of the agency, then a full rulemaking process ought to be conducted, and that is what the CFPB did not do. The CFPB used the guidance as an enforcement weapon instead of guidance in its more traditional and helpful purpose.…”