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House votes to kill CFPB auto-lending guidelines

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It marks the first time that lawmakers have used the Congressional Review Act to block a years-old agency action beyond a narrow window defined under the 1996 law. ) last year was able to reset the clock for the 2013 guidance by asking the Government Accountability Office to determine that it qualified as a ‘rule’ under the law. ), the top Democrat on the House Financial Services Committee, said Tuesday it was ‘an inappropriate and misguided use of the Congressional Review Act that sets a dangerous precedent.

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