April 18, 2018
The U.S. Senate approved the Resolution to Repeal the CFPB’s Dealer Participation Guidance. The resolution needs to pass the House of Representative and be signed by the President for the repeal to take affect.
The industry has been fighting this controversial guidance for more than five-years and is now one step closer to the repeal.
“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,” said Peter Welch, President and CEO of the National Automobile Dealers Association (NADA).
Read more about this breaking news in F&I and Showroom.