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VOL. 42 | NO. 18 | Friday, May 04, 2018
House nullifies anti-discrimination rule for car loans
WASHINGTON (AP) — The GOP-led House has voted to kill guidance from a consumer protection agency aimed at ensuring lenders don't charge minority consumers more on car loans.
Republicans have made the rollback of government regulations a high priority.
In this case, they say the Consumer Financial Protection Bureau made a backdoor attempt to regulate how auto dealers negotiate loan terms with their customers, even though Congress explicitly exempted auto dealers from the agency's oversight.
Republicans say their regulatory rollbacks are rescuing businesses from burdensome government rules.
The Senate has already voted to block the agency's guidance last month. With the House vote of 234-175, the measure goes to President Donald Trump for his signature.
Congress voted to kill 15 federal rules last year. Most were finalized during the Obama administration's final months.