Claudia Tenney: “I thank Chairman Hensarling for yielding, and a special thank you to my colleague from New York, Lee Zeldin, for his…”

“I thank Chairman Hensarling for yielding, and a special thank you to my colleague from New York, Lee Zeldin, for his support of S.J. Res. 57. Mr. Speaker, it has been 5 years since the Consumer Financial Protection Board circumvented the formal rulemaking process by unfairly denying consumers and small businesses the right to comment on guidance that will directly affect them. By executing this wrongful end run around the proper rulemaking process, the CFPB created much uncertainty in the $1.1 trillion auto lending market. In fact, in testimony before our committee, the former Director, Mr. Richard Cordray, admitted to me in testimony that he had to circumvent the rules to target auto lenders. More than half of car buyers finance their purchases when acquiring an automobile. These consumers have the ability to obtain great auto rates through their dealer-assisted finance, otherwise known as indirect lending. I have personally met many highly credible auto dealers in my district who are strongly committed to their communities and the consumers who they serve. In fact, one auto dealer that I met with specifically does not even take any form of picture ID when determining lending just to avoid any kind of scrutiny that would actually suggest that they were doing any kind of discrimination.…”