The House is aiming to vote to repeal the controversial Consumer Financial Protection Bureau (CFPB) policy on auto-loan financing during the week of May 7, The Hill reported. Aides to House Majority Leader Kevin McCarthy (R-Calif.) laid out that plan while discussing the House agenda at a last week. The resolution to repeal the CFPB auto-lending guidance, which passed the Senate on Wednesday, is almost certain to clear the House and be signed into law by President Trump. The CFPB policy will likely be the first informal regulation to be repealed by Congress through the Congressional Review Act. Congress has used the Congressional Review Act (CRA) more than a dozen times since 2017 to repeal formal rules issued under former President Obama, but never to revoke guidance.
