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Proposed House Bills Would Constrain CFPB

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June 12, 2014 by   Leave a Comment

The Republican Party-dominated U.S. House of Representatives, with the encouragement of lobbyists for dealers and automotive lenders, has taken steps to constrain the Consumer Financial Protection Bureau (CFPB).

Automotive News reported that it is unlikely any of those steps will become law, but the form they take show the theoretical, tactical and strategic approaches favored by the CFPB’s opponents.

In the first case, the House recently passed an amendment to a bigger appropriations bill which seeks to prevent the U.S. Department of Justice from using the disparate-impact legal theory to enforce anti-discrimination laws.

“This is Alice in Wonderland,” said Bill Himpler, executive vice president for the American Financial Services Association, referring to the disparate-impact theory espoused by the Department of Justice and the Consumer Financial Protection Bureau.

On May 29, AFSA and six other financial services trade organizations wrote to every member of Congress asking them to support the amendment. It passed 216-190 on the same day.

If it were made law — which is unlikely, given the Democrat Party’s control of the U.S. Senate and the White House — the amendment would withhold funds for litigation in which the Department of Justice seeks to use the disparate-impact theory to prove illegal discrimination.

For the full story click here.

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