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that could set a precedent for repealing a broad range of regulations opposed by Republicans, the Senate on Tuesday repealed a controversial Consumer Financial Protection Bureau decree on auto-loan financing.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the House passes the measure, the CFPB auto-lending guidance will likely be the first informal regulation to be repealed by Congress through the Congressional Review Act (CRA).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
getagrip_already
(14,750 posts)Did a D or I join them?
Va Lefty
(6,252 posts)the article says it was Manchin
Crutchez_CuiBono
(7,725 posts)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)atreides1
(16,079 posts)King and Sanders are the only I
Manchin, Heitkamp the usual suspects
bucolic_frolic
(43,162 posts)but consumers are too aware, the information too widespread to be hushed up
erronis
(15,257 posts)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)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
cyberswede
(26,117 posts)harun
(11,348 posts)PatSeg
(47,430 posts)what kind of world they are creating? It might not be one that they want to live in.
sandensea
(21,635 posts)Ours, of course - plus whatever bribe money they collect.
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)It's just that these are not your father's sociopaths.
We can only hope for the best.
bluescribbler
(2,116 posts)Deval Patrick's grandmother
sandensea
(21,635 posts)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.
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)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.
jimmy2.0
(13 posts)is one of the seven deadly sins.
SergeStorms
(19,201 posts)Being a Republican.
PatSeg
(47,430 posts)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)which will be the result. The country will work well only for the wealthy and well connected.
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)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)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 well see how this affects their voting going forward.
not fooled
(5,801 posts)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)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)Their greed will always do them in in the end.