AFSA Applauds Senate Passage of S.J. Res 57 April 18, 2018 WASHINGTON, APRIL 18, 2018 – Today, the Senate approved S.J. Res 57 by a 00-00 vote. The vote on the resolution, under the Congressional Review Act (CRA), disapproves of the Consumer Financial Protection Bureau’s (CFPB) 2013 vehicle finance guidance. “The vehicle finance market in the United States is a highly-competitive market which benefits consumers as dealers and lenders discount pricing and loan rates to sell and finance new and used vehicles,” said Chris Stinebert, President & CEO of the American Financial Services Association, a trade association representing vehicle finance lenders. “The vote today is in the best interests of the car-buying public.” The CFPB’s vehicle finance lending policy, issued through guidance, directed fundamental market changes to the industry, which was already regulated by other federal agencies and state laws and regulations. The guidance was issued without any public comment, consultation with other federal agencies or transparency. Based in Washington, D.C., the American Financial Services Association (AFSA), now in its 101st year, is the national trade association for the consumer credit industry, committed to protecting access to credit and consumer choice. Its 450 members include traditional installment lenders, vehicle finance/leasing companies, consumer and commercial finance companies, mortgage lenders and servicers, payment card issuers, industrial banks and industry suppliers. For more information, visit www.afsaonline.org.