NADA Chairman Charlie Gilchrist voiced his support for the United States-Mexico-Canada Agreement in remarks at a press event. The Texas dealer urged Congress not to ignore the ‘reality’ of an auto industry built on favorable relationships among the three nations.
Four associations representing 12,000 banks and credit unions have asked Senate leaders to consider replacing the Consumer Financial Protection Bureau’s single-director structure with a five-person bipartisan commission next year.
In an amicus brief sent Tuesday, a group of 21 current and former members of Congress argued that the federal appeals court's October ruling that the CFPB's structure violates the federal Constitution has 'fundamentally altered the [bureau].' They want all 17 of the U.S. Court of Appeals for the District of Columbia’s judges to rehear the case.
On Wednesday, more than 100 members of Congress called on the Consumer Financial Protection Bureau (CFPB) to proceed with its effort to eliminate forced arbitration.
A provision in the act will grant dealers an additional $8,000 in first year-depreciation for certain business vehicles purchased in 2015. However, to use the provision in 2015, dealers must purchase qualifying vehicles before Dec. 31, 2015. The additional $8,000 continues into 2016 and 2017 but will be gradually phased out starting in 2018, according to the NADA.
CFPB Director Richard Cordray was met with hostility on Tuesday during the bureau’s semi-annual report to Congress. The hearing took place a day before a House committee passed two CFPB reform bills.
On the same day The Wall Street Journal published an op-ed piece critical of the CFPB’s targeting of the indirect auto finance channel, a bipartisan bill was introduced that aims to repeal the bureau’s guidance on dealer participation.
CFPB Director Richard Cordray fielded questions about dealer compliance programs and a recent study calling out the bureau’s methods for determining discrimination during a semi-annual report to Congress earlier this month.
A House committee released a report this week that raised questions about how the National Highway Traffic Safety Administration responded to consumer complaints regarding faulty ignition switches on GM vehicles.
Rep. Jeb Hensarling, on behalf of the House Financial Services Committee, released a video Monday calling on the CFPB to make its advisory council meetings open to the public.
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