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The Senate on Tuesday, by a 50-47 vote, adopted a motion to proceed to a measure that would repeal the CFPB's 2013 bulletin regarding indirect auto lending under the Congressional Review Act (CRA). Use of the CRA in this way could potentially open up more opportunities for credit union regulatory relief down the road.

Even though the CFPB bulletin was issued in 2013, Republicans are invoking the CRA based on a Government Accountability Office (GAO) finding that the CRA can be used in this case because the CFPB's bulletin was generally enforced by the bureau the same way as a rule, yet was never submitted to Congress for review as is protocol for all rules created by regulators. Because Congress never reviewed the bulletin, the CRA's 60-legislative-day clock never started, thus never expired.

When the bulletin was issued, NAFCU argued that it potentially set the stage for making indirect lenders, including credit unions, liable for fair lending violations by auto dealers.

If Congress chooses to the use the CRA in this way, it opens up other bulletins and guidance for review.

NAFCU is following this development in an effort to ensure broad regulatory relief for credit unions. Creating a positive regulatory environment for credit unions with appropriate and tailored regulations is part of NAFCU's 2018 advocacy priorities.

NAFCU's legislative affairs team also continues its push for credit union regulatory relief. So far its efforts laid the groundwork for a White House meeting with President Donald Trump that came to fruition in February.

The association continues to encourage credit unions to engage in its various grassroots campaigns – covering issues such as regulatory relief and data security. Credit unions can take advantage of NAFCU's Grassroots Action Center to find contact information for their lawmakers and see where their members of Congress stand on the legislation.