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November 10, 2016 FacebookTwitterFlickrRSSSEND TO A FRIENDPRINT
Inside this issue
Trump, GOP Congress May Curtail CFPB Oversight of Auto Lending
Trump Presidency Drives Uncertainty into Auto Industry
VW Accused of Concealing Emissions Cheating in Audi Gas Cars
GM Job Cuts the Latest Ramification of Sluggish Car Sales
How the Auto States Voted
Top Stories
Trump, GOP Congress May Curtail CFPB Oversight of Auto Lending

After a contentious and unpredictable election, Donald Trump’s incoming presidency and a continuing Republican-led Congress may be a win for dealers and auto lenders hoping to curtail auto lending guidance by the Consumer Financial Protection Bureau. A bill to limit the CFPB’s guidance, H.R. 1737, or the Reforming CFPB Indirect Auto Financing Guidance Act, passed the House of Representatives by a wide margin, 332-96, in November 2015. Its companion bill, S. 2663, was introduced in the Senate in March 2016 and referred to the Committee on Banking, Housing, and Urban Affairs.

The Financial Choice Act of 2016, which also aims in part to dismantle the CFPB’s auto lending guidance, passed in the House Financial Services Committee in September.

Provisions outlined in all three pieces of legislation, in the same wording, would require any new auto lending guidance the CFPB issues to:

  • Provide a public notice and comment period before issuing a final guidance on auto lending.
  • Make all studies, data, methodologies, analyses and other information relied on to determine the guidance available to the public.
  • Redact information that is exempt from disclosure.
  • Consult with the Board of Governors of the Federal Reserve System, the Federal Trade Commission and the Department of Justice.
  • Conduct a study on the costs and impact of such guidance to consumers and female-owned, minority-owned, veteran-owned and small businesses.
    Source: Automotive News


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Trump Presidency Drives Uncertainty into Auto Industry

Donald Trump’s election to the president is expected to have a profound impact on the U.S. automotive industry — from potentially killing trade deals to shaking confidence of car buyers. Experts say it’s too soon to understand the far-reaching effect of the billionaire businessman becoming commander-in-chief, but some are concerned that his brash campaign promises of building walls, axing trade deals and imposing high tariffs on automobiles imported to the U.S. could cause short-term sales declines and long-term implications on the global industry.
Source: The Detroit News

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VW Accused of Concealing Emissions Cheating in Audi Gas Cars

Volkswagen AG’s plot to cheat emissions tests by installing so-called defeat devices in its vehicles wasn’t limited to diesel cars, but also included at least six models of Audi 3.0-liter gasoline engines, according to a consumer lawsuit. In a class action on behalf of owners of more than 100,000 vehicles, the German carmaker’s Audi unit was accused of installing software designed to beat emissions tests in its A6, A8, Q5 and Q7 cars since February 2013 and possibly earlier.
Source: Bloomberg

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GM Job Cuts the Latest Ramification of Sluggish Car Sales

America's love affair with pickup trucks and SUVs is coming at the expense of sedans — and automakers are trimming their operations in response. General Motors on Wednesday became the latest firm to cut jobs and production amid a slowdown in car sales. The automaker is permanently laying off 2,000 workers and cutting third-shift production at assembly plants in Lordstown, Ohio, and Lansing, Michigan.
Source: CNBC

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How the Auto States Voted

Donald Trump won 12 of the states that build light vehicles, including a slim victory in Michigan, the nation’s largest producer. Hillary Clinton won two: Illinois and California.
Source: Automotive News

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Past Articles
       
      Quotable
      "Sales in the car segment have been softening ... rental and fleet sales have dropped off."

          -- GM spokesman Tom Wickham, commenting on its plan to lay off 2,000 workers because of slowing car sales, Detroit Free Press, Nov. 9
       
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