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Congress slaps down CFPB’s auto lending guidance

© Reuters.  Congress slaps down CFPB's auto lending guidance© Reuters. Congress slaps down CFPB’s auto lending guidance

  • The House of Representatives voted by a margin of 234 to 175 to overturn the Consumer Financial Protection Bureau’s indirect auto lending guidance
  • Height Capital Markets reminds that the disapproval is positive for auto lenders such as Ally Financial (NYSE:ALLY) and Capital One Financial (NYSE:COF) — as well as auto dealers like Penske Automotive Group (NYSE:PAG), AutoNation (NYSE:AN), and Group 1 Automotive (NYSE:GPI) that can use “dealer mark-ups to balance vehicle pricing and financing options to complete sales.”
  • Now read: Opening The Black Box: Why AI Needs To Be Transparent

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