Monday, January 22, 2018
Breaking News
Home » RV Industry News » Committee moves to protect dealer-assisted loans

Committee moves to protect dealer-assisted loans

Committee moves to protect dealer-assisted loans

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

Print Friendly, PDF & Email

About Greg Gerber

Greg Gerber is a freelance writer and podcaster who has been writing about the RV industry since 2000. He is the former editor of RV Daily Report.

One comment

  1. Look for no help from the democrats. They are determined to keep the economy, jobs, and all else from growing.

Leave a Reply

Your email address will not be published. Required fields are marked *


RV Daily Report welcomes comments from readers. However, we expect that comments will be cordial and professional without reverting to name-calling, profanity and libelous language. Comments of that nature will be removed.