On August 19, NIADA submitted a comment letter to the House Committee on Financial Services in response to its request for feedback on draft legislation to reform the Consumer Financial Protection Bureau (CFPB).
Among NIADA’s key recommendations: a complete statutory carveout under Section 1029 of Dodd-Frank for all licensed automobile dealers; replacing the CFPB’s single-director structure with a bipartisan commission; requiring any future novel interpretations of statutes or regulations to adhere to the rigorous standards of the Administrative Procedure Act; and establishing appropriate guardrails around the CFPB’s market-monitoring authority to prevent it from becoming a backdoor mechanism for collecting proprietary industry information without a legitimate purpose or using that information as the basis for enforcement actions.
NIADA’s full comment letter can be viewed here.
NIADA will continue working with the Committee to ensure the CFPB is appropriately calibrated, with clear limits on its authority and a continued focus on its core mission and statutory mandate.
