Congressman Steve Womack (AR-3) released the following statement after passage of S.J. Res. 57, which provides congressional disapproval of the rule submitted by the Bureau of Consumer Financial Protection (CFPB) related to "Indirect Auto Lending and Compliance with the Equal Credit Opportunity Act." This resolution uses Congressional Review Act (CRA) authority to rescind the Bureau’s overreaching and oppressive action toward auto lenders.

“Today, Congress voted to overturn another instance of the prior administration’s CFPB aggression. Conceived by the fundamentally-flawed Dodd-Frank Act, the CFPB was granted far-reaching power with little oversight to the detriment of consumers and market competition. This resolution permanently reverses course on a part of this aggression specific to the auto industry and will bring free market principles back to much of the auto-lending marketplace.”

Congressman Steve Womack has represented Arkansas’s Third Congressional District since 2011. He serves as the Chairman of the House Committee on the Budget and is a member of the House Appropriations defense, military construction-veterans affairs, and labor-health and human services subcommittees.

womack.house.gov

###