The National Automobile Dealers Association (NADA) has welcomed a bipartisan vote in the House of Representatives which would nullify the Consumer Financial Protection Bureau's (CFPB) auto finance guidance, which the association says is aimed at removing the ability for dealers to set loan discount rates.

The amendment was added to the fiscal year 2017 Financial Services appropriations bill on the House floor, and was passed by a majority of 260-162. It was brought by Republican representative Frank Guinta and is intended to prevent the CFPB from spending any funds to enforce the guidance NADA says this House action is another reverse for the CFPB's auto finance guidance, which it claims threatens a consumer's ability to receive a discounted auto loan from a dealer.

Last November, the House passed a bill put forward by Guinta which would nullify the CFPB's 2013 auto finance guidance and establish a transparent process with public participation to determine future auto finance guidance. Congressional attention on this matter now returns to the Senate, and NADA is urging dealers to lobby their senators for support.