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Senate Votes to Overturn Bureau's Indirect Auto Lending Guidance (4/23/18) The Senate employed a little-used legislative procedure to reverse the Bureau's 2013 Indirect Auto Lending Bulletin. In a 51-47 vote, the Senate passed a Congressional Review Act resolution that would invalidate the guidance, which sought to impose limits on how and what indirect lenders pay car dealers who provide financing and how much discretion dealers have to set loan terms and rates. In a letter urging senators to vote for the resolution, ABA noted that the "the regulatory and enforcement uncertainty caused by this guidance has caused many banks to exit or curtail their indirect auto lending, which limits consumer choice and increases the cost of credit." The House is also expected to vote to disapprove the bulletin; the disapproval resolution will then go to the President who has indicated he will sign it into law.

FCC Publishes Proposal to Establish Reassigned Number Database (4/23/18) The Federal Communications Commission's (FCC) proposal to establish a database of reassigned phone numbers, which the FCC adopted at its March 22 meeting, was published in today's Federal Register. The second further notice of proposed rulemaking proposes the establishment of a reassigned number database and seeks additional comment on how such a database should be constructed, used, and funded. In ABA's comment letter submitted last September, we urged the FCC to create a centrally administered database of reassigned numbers and to provide a safe harbor for users of the database. For more information, contact ABA's Jonathan Thessin.

 

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