Economy

Senate moves to strike down CFPB auto lending regulation

By Joseph Lawler
Published April 17, 2018 7:10pm ET
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Senate moves to strike down CFPB auto lending regulation
Senate Majority Leader Mitch McConnell of Ky., far left, with from left, Sen. John Barrasso, R-Wyo., Sen. Cory Gardner, R-Colo., Sen. John Thune, R-S.D., and Senate Majority Whip Sen. John Cornyn, R-Texas, meet with reporters following weekly policy luncheons to answer questions on Capitol Hill in Washington, Tuesday, March 20, 2018. | (AP Photo/Pablo Martinez Monsivais)

Senate Republicans have found a new way to cut back Obama-era financial regulations.

The chamber moved Tuesday to undo five-year-old rules applying anti-discrimination law to auto finance companies, using an unusual and never-before-seen multistep legislative process.

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Auto Industry Cars CFPB Congress Dodd-Frank Act Finance Mitch McConnell Pat Toomey