House passes CHOICE Act, repeals CFPB guidance

WASHINGTON — The U.S. House of Representatives has passed H.R. 10, the Financial CHOICE Act, which includes reform of the Consumer Financial Protection Bureau (CFPB).  The bill now heads to the U.S. Senate, the RV Dealers Association reported.

The CHOICE Act, which passed the House by a 233-186 vote, includes a bipartisan provision that is virtually identical to H.R. 1737, an RVDA-backed bill from 2016. This provision would nullify the CFPB’s guidance on indirect vehicle financing, which would have limited dealers’ ability to arrange financing.

H.R. 10 also requires the CFPB to provide public notice and comment before issuing any additional vehicle lending guidance; make publicly available all studies, data, methodologies or other information relied upon to produce the guidance; and study the costs and impacts of the guidance.

The CHOICE Act also brings the CFPB under the regular congressional appropriations process for the first time, another reform RVDA supports. RVDA will keep members informed on the Financial CHOICE Act as it makes its way  to the Senate, where it is likely to be modified. RVDA will work with its allies to retain the provisions that would repeal the vehicle lending guidance, the release noted.

SOURCE: RV Dealers Association press release

Greg Gerber

Greg Gerber

A journalist who has covered the recreation vehicle industry since January 2000, Greg Gerber founded RV Daily Report on April Fool's Day in 2009. He also serves as the editor of the publication and website. As an Eagle Scout, he has enjoyed camping for decades and has visited every state except Hawaii. A DODO -- Dad of Daughters Only -- to three young women, he has two grandchildren as well. He currently splits his time between Wisconsin, Texas and Arizona. Greg can be reached at editor@rvdailyreport.com.

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