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Yo_Mama_Been_Loggin

(107,986 posts)
Wed Apr 18, 2018, 01:04 PM Apr 2018

Senate repeals auto-loan guidance in precedent-shattering vote

Source: The Hill

In a vote that could set a precedent for repealing a broad range of regulations opposed by Republicans, the Senate on Tuesday repealed a controversial Consumer Financial Protection Bureau decree on auto-loan financing.

Senators generally voted along party-lines in the 51-47 vote to repeal 2013 guidance from the Consumer Bureau on "dealer markups" — the interest a dealer adds to a customer's third-party loan as extra compensation.

Assuming the House passes the measure, the CFPB auto-lending guidance will likely be the first informal regulation to be repealed by Congress through the Congressional Review Act (CRA).

While Congress has used the Congressional Review Act more than a dozen times since 2017 to repeal formal rules issued under former President Obama, it has never before used the law to repeal guidance. Republicans are now hoping to do so, and could go after a range of regulatory actions that have been described as guidance.

Read more: http://thehill.com/policy/finance/383751-senate-votes-to-repeal-cfpb-auto-loan-guidance

31 replies = new reply since forum marked as read
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Senate repeals auto-loan guidance in precedent-shattering vote (Original Post) Yo_Mama_Been_Loggin Apr 2018 OP
How did republicans get 51 votes? Mcain is out... getagrip_already Apr 2018 #1
My guess is Manchin Va Lefty Apr 2018 #5
Yes cojoel Apr 2018 #12
Don't wait for November Crutchez_CuiBono Apr 2018 #26
Good guesses. yallerdawg Apr 2018 #6
Good question atreides1 Apr 2018 #8
They think they're putting the genie back in the bottle bucolic_frolic Apr 2018 #2
When a new car buyer is sitting in the chair with the salesnake and manager pushing erronis Apr 2018 #21
sad but true bucolic_frolic Apr 2018 #23
Man, they really hate the little guy, don't they. nt cyberswede Apr 2018 #3
And they are not afraid to show it. harun Apr 2018 #4
Do they have any idea PatSeg Apr 2018 #7
They and their friends intend to pay cash sandensea Apr 2018 #9
But PatSeg Apr 2018 #11
Up to now that has indeed seemed to stop them from wrecking everything. sandensea Apr 2018 #13
"Hoppe for the best, and work for it.: bluescribbler Apr 2018 #14
+1 sandensea Apr 2018 #19
Agreed PatSeg Apr 2018 #31
It is almost like a disease or an addiction PatSeg Apr 2018 #15
This is why Greed jimmy2.0 Apr 2018 #18
There should be an eighth "deadly sin". SergeStorms Apr 2018 #25
It not only harms others, PatSeg Apr 2018 #29
Unleashing anarchy not fooled Apr 2018 #16
True PatSeg Apr 2018 #30
The irony to me is that... KY_EnviroGuy Apr 2018 #20
OK, I say let em.... TranssexualKaren Apr 2018 #10
That should happen not fooled Apr 2018 #17
They think nothing of the sort PSPS Apr 2018 #22
Yes, but what is the most important thing to remember about thieves? TranssexualKaren Apr 2018 #28
Crucial info in later paragraph - black & Latino customers were often charged higher rates: highplainsdem Apr 2018 #24
The GOP hates you Angry Dragon Apr 2018 #27

Crutchez_CuiBono

(7,725 posts)
26. Don't wait for November
Wed Apr 18, 2018, 03:39 PM
Apr 2018

W Virginians or wherever he's from. Put his oppositions sign in your lawn, or anything to register disappointment. They're trying to intimidate Eliz Warren and Liberals by punishing American Consumers. Bottom feeders. Neo Klan...all the ugly wo the sheets. They don't even register shame for what they are doing.
Remember these things in a few months if that's how it goes.

yallerdawg

(16,104 posts)
6. Good guesses.
Wed Apr 18, 2018, 01:12 PM
Apr 2018
Sen. Joe Manchin (W.V.) was the only Democrat to vote in favor of repeal, while Sens. John McCain (R-Ariz.) and Tammy Duckworth (D-Ill.) missed the vote.

bucolic_frolic

(43,162 posts)
2. They think they're putting the genie back in the bottle
Wed Apr 18, 2018, 01:06 PM
Apr 2018

but consumers are too aware, the information too widespread to be hushed up

erronis

(15,257 posts)
21. When a new car buyer is sitting in the chair with the salesnake and manager pushing
Wed Apr 18, 2018, 02:51 PM
Apr 2018

A lot of consumers are not going to remember all the information that they should have in front of them, printed and needing to be signed.

Jeez, pretty soon you'll be able to buy a nice big house with 0% down, no income. Just sign here and give me a bit of earnest cash. 2008 was so long ago.

bucolic_frolic

(43,162 posts)
23. sad but true
Wed Apr 18, 2018, 03:00 PM
Apr 2018
caveat emptor

But there are articles, books, buyer services, family to help people and anyone who doesn't know there are pitfalls to car buying has to be really ill-informed ... I know, 18 year olds ... unfortunately the ignorant get clipped the most

sandensea

(21,635 posts)
9. They and their friends intend to pay cash
Wed Apr 18, 2018, 01:17 PM
Apr 2018

Ours, of course - plus whatever bribe money they collect.

PatSeg

(47,430 posts)
11. But
Wed Apr 18, 2018, 01:22 PM
Apr 2018

they could end up living in a world filled with crime, poverty, and desolation. If it gets bad enough, no amount of money will protect them.

sandensea

(21,635 posts)
13. Up to now that has indeed seemed to stop them from wrecking everything.
Wed Apr 18, 2018, 01:39 PM
Apr 2018

It's just that these are not your father's sociopaths.

We can only hope for the best.

sandensea

(21,635 posts)
19. +1
Wed Apr 18, 2018, 02:16 PM
Apr 2018

That's what I admire most about our Democratic lawmakers. I strongly believe that we might very well have collapsed outright but for their tireless efforts, fine lawyering, and political skill.

They can't get them all; but they've certainly stopped enough RW insanity from going through to wreck several great nations.

PatSeg

(47,430 posts)
31. Agreed
Wed Apr 18, 2018, 05:53 PM
Apr 2018

Every day I am newly impressed with some of the extraordinary talent that we have, using the legal system and government to counteract the insanity. Many, many heroes.

PatSeg

(47,430 posts)
15. It is almost like a disease or an addiction
Wed Apr 18, 2018, 01:53 PM
Apr 2018

There is an obsessive need to acquire more and more wealth without thought to the consequences. No matter how much they accumulate, it is never enough and they are always hungry for more.

PatSeg

(47,430 posts)
29. It not only harms others,
Wed Apr 18, 2018, 05:47 PM
Apr 2018

it destroys the greedy as well, because there will never be enough and as such, they will always be wanting more. Everyone is a loser, though not all in comfort and luxury.

not fooled

(5,801 posts)
16. Unleashing anarchy
Wed Apr 18, 2018, 02:03 PM
Apr 2018

which will be the result. The country will work well only for the wealthy and well connected.

PatSeg

(47,430 posts)
30. True
Wed Apr 18, 2018, 05:50 PM
Apr 2018

but no matter how much money or security, they will never be safe or comfortable. The Robber Barons lived with constant armed guards everywhere they went and even that did not always protect them.

KY_EnviroGuy

(14,491 posts)
20. The irony to me is that...
Wed Apr 18, 2018, 02:33 PM
Apr 2018

the evil, greedy side of humanity is there and always will be, and that is why we institute rules, laws and regulations. Republicans seem to consistently stay in denial of that simple truth.

I really believe they exist in an isolated bubble of wealth in gated communities and simply rarely suffer the pains of everyday working people. Many Repug politicians won't even hold open public meetings, and some that do are by invitation only so they can sing to their own choir.

I hold that until we get big money's influence out of our political system, this will only get worse - because inequality is getting worse.

TranssexualKaren

(364 posts)
10. OK, I say let em....
Wed Apr 18, 2018, 01:20 PM
Apr 2018

They think that by reigning in the “Administrative State” they are merely making the system more democratic, well what happens when people start getting screwed over by financial institions that regulations that they used to take for granted are gone, and we’ll see how this affects their voting going forward.

not fooled

(5,801 posts)
17. That should happen
Wed Apr 18, 2018, 02:05 PM
Apr 2018

but I wonder how many voters will realize what's being done to them. With the media co-opted by big corporate interests and the average person unlikely to conduct research to become informed. people probably won't even know what's hitting them.

Shame on Manchin. This is bad.

PSPS

(13,598 posts)
22. They think nothing of the sort
Wed Apr 18, 2018, 02:52 PM
Apr 2018

These people are just thieves, pure and simple. Thieves do things that will make it easier for them to continue their thievery. It's all they know.

TranssexualKaren

(364 posts)
28. Yes, but what is the most important thing to remember about thieves?
Wed Apr 18, 2018, 04:21 PM
Apr 2018

Their greed will always do them in in the end.

highplainsdem

(48,978 posts)
24. Crucial info in later paragraph - black & Latino customers were often charged higher rates:
Wed Apr 18, 2018, 03:25 PM
Apr 2018
The CFPB had sought to eliminate dealer markups over concerns that black and Latino customers were often charged higher rates than whites with identical credit profiles, citing several analyses — including their own auto loan data.
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