WASHINGTON (Reuters) - The Obama administration opposes a U.S. House of Representatives bill on auto financing, saying it would revoke "important guidance designed to prevent discriminatory pricing of auto loans," the White House said on Monday.
The "Reforming CFPB Indirect Auto Financing Guidance Act" would revoke guidance issued in 2013 by the Consumer Financial Protection Bureau that helps ensure customers are not charged disproportionately higher prices for auto loans because of their race, color, religion or other characteristics that should have no bearing on loan decisions, the White House said.
The bill is sponsored by Republican Representative Frank Guinta of New Hampshire and has 166 co-sponsors.