President Trump has signed a congressional resolution that aimed to keep lenders from discriminating against consumers when financing a vehicle. Reuters reported it’s the latest rule struck down to weaken the Consumer Financial Protection Bureau.
Both the U.S. Senate and House of Representatives passed the joint resolution before the deregulatory measure made its way to President Trump’s desk.
The Trump administration has worked diligently to loosen restrictions in numerous sectors of the auto industry. The administration previously announced changes to review national emission regulations and the White House will likely announce changes to corporate average fuel economy standards in the weeks to come.
It’s likely that the new fuel-economy standards will see the standards freeze in 2020. Right now, CAFE standards will climb through 2026.
Part of the auto-lending resolution will also bar the CFPB from enacting a “substantially similar” rule unless it was specifically allowed to do so by lawmakers.