Congressman Leonard Lance (NJ-07) tonight 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 regulations from the Consumer Financial Protection Bureau have put unnecessary burdens on hard-working families trying to achieve the American Dream of home and car ownership. Tonight’s action by the House will make loans more accessible and affordable to millions of Americans by getting CFPB government bureaucrats off the backs of community banks and credit unions lenders,” said Lance after the votes.
H.R. 1210 targets a bureaucratic rule that ties of the hands of community hands with complicated mortgage rules. The Independent Community Bankers Association reports that 73% of community bankers have decreased their mortgage business or completely stopped providing mortgage loans due to the expense of complying with the regulatory burden. H.R. 1737, a measure Lance cosponsored, provides more opportunities for consumers to receive the best financing available to purchase an automobile.
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