WASHINGTON — This week, the House Financial Services Committee passed the Financial CHOICE Act (House Resolution 10), a comprehensive financial reform bill, the RV Dealers Association reported.
HR 10 includes a provision that is virtually identical to HR 1737, an RVDA-backed bill from 2016. This legislation would rescind the Consumer Financial Protection Bureau’s guidance on indirect vehicle financing, which attempted to eliminate or severely limit dealer reserve.
HR 10 also requires the CFPB to file public notice and solicit public comments before issuing final guidance and to conduct a study on the costs and impacts of any proposed new guidance. The legislation also brings the bureau under the normal congressional appropriations process for the first time, which is another reform that RVDA, National Automobile Dealers Association, and other allies support.
The measure now heads to the full House of Representatives, but it faces an uncertain future in the Senate, where it will need 60 votes to pass. Several Senate Democrats will need to support the bill, which is primarily backed by the GOP, the release noted.
RVDA will keep members informed about this important piece of legislation that will help protect dealers’ ability to arrange financing for their customers.
SOURCE: RV Dealers Association bulletin