Sessions Votes to Reform the CFPB

Statement

U.S. Congressman Pete Sessions (R-TX), Chairman of the House Rules Committee, today released the following statement regarding the passage of two pieces of legislation to reform the Consumer Finance Protection Bureau's indirect auto financing guideline and mortgage lending rule:

"Since 2010 the Consumer Finance Protection Bureau (CFPB) has waged war on the free enterprise system and saddled businesses in every industry with burdensome, unnecessary rules and regulations. In 2013 the CFPB targeted the auto lending industry by issuing a guidance - without public notice - that severely decreased competitiveness in the lending market and threatened auto dealers' flexibility to discount interest rates for potential car buyers.

"In addition to the CFPB's attack on the auto industry, the CFPB's qualified mortgage rule puts mortgage lenders and potential homebuyers in the crosshairs and has made it harder for American families to purchase a home of their own.

"The government should not make it more difficult to achieve basic aspects of the American Dream like buying a car or a home and government bureaucrats should not be allowed to relentlessly attack the free market system in the name of government regulation. Today I joined my colleagues in taking a stand for American families by eliminating onerous regulatory requirements to give Americans the opportunity to buy a car and purchase a home without unnecessary bureaucratic hurdles."

Source