TYSONS, Va. (April 18, 2018) — National Automobile Dealers Association (NADA) President and CEO Peter Welch released the following statement in response to Senate passage of S.J.Res 57 to disapprove the CFPB’s flawed auto financing guidance:

“S.J.Res. 57 continues the bipartisan effort that began years ago to preserve the ability of local dealerships to offer discounted auto loans to their customers, and Sen. Moran is to be commended for his leadership on this issue.

“S.J.Res. 57 is a narrowly-tailored joint resolution that does not amend or change any fair credit law or regulation or impair their enforcement. The legislation is a measured response to the CFPB’s attempt to regulate the $1.1 trillion auto financing market, avoid congressional scrutiny by issuing “guidance,” and impose a new policy without necessary procedural safeguards.

“We hope this CRA resolution sees swift action in the House of Representatives, which has already demonstrated strong bipartisan support for repealing the CFPB’s flawed guidance and preserving important auto loan discounts for consumers.”