The House Defends the American Dream from Regulatory Overreach
Washington, D.C. – House Majority Leader Kevin McCarthy (CA-23) released the following statement on House passage of H.R. 1737, the Reforming Consumer Financial Protection Bureau’s (CFPB) Indirect Auto Financing Guidance Act, and H.R. 1210, the Portfolio Lending and Mortgage Access Act:
“New rules and guidance from the CFPB will block many Americans from the freedom of owning a car or the pride of owning a home—two pillars of the American Dream.
“The CFPB’s guidance on auto financing—issued without notice or public comment—is based on error-prone and irrationally broad methods to determine whether a lender could be held liable for discrimination. This guidance is woefully flawed and has the potential to cause a lot of harm to both lenders and consumers. And the agency’s Qualified Mortgage rule blocks people from getting the loans they need to buy a home and has already forced the vast majority of community banks to cut down on the number of mortgage loans they issue.
“The American people, along with their community banks and credit unions, should decide on their best financing options, not government bureaucrats. The Consumer Financial Protection Bureau does not live up to its name. Instead of protecting consumers, it limits their opportunity to achieve the American Dream.”