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Sen. Cruz: ‘Repealing This Regulation Will Rein in Overreach of the CFPB and Keep Loans Accessible and Affordable for American Consumers’

Auto lending resolution co-sponsored by Sen. Cruz signed by President Trump

WASHINGTON, D.C. – Today President Trump signed a resolution strongly supported by U.S. Sen. Ted Cruz (R-Texas) to eliminate burdensome automobile lending regulations imposed by the Consumer Financial Protection Bureau (CFPB) that reduce credit availability and raise borrowing costs for consumers.

“I am pleased President Trump is acting to rein in out-of-control bureaucratic regulations that continue to negatively impact American consumers,” Sen. Cruz said. “The CFPB, contrary to what its name implies, has promulgated many regulations that are actually harmful to consumers. This rule was one such bad policy, and its repeal will empower buyers with competitive options based on their credit worthiness, ultimately preserving discounts for consumers by keeping auto loans accessible and affordable.”