May 21, 2018 / 7:19 PM / in 6 months

Trump signs congressional resolution overturning auto lending rule

FILE PHOTO: U.S. President Donald Trump gestures as he delivers remarks during the Prison Reform Summit at the White House in Washington, DC, U.S., May 18, 2018. REUTERS/Kevin Lamarque/File Photo

WASHINGTON (Reuters) - U.S. President Donald Trump signed into a law a congressional resolution overhauling a rule issued by the Consumer Financial Protection Bureau (CFPB) that aimed to bar discrimination in auto lending, the White House said on Monday.

The joint resolution, which was passed by the Senate and the House of Representatives, is the latest attempt to chip away the watchdog agency’s oversight powers.

The CFPB said the resolution also prevented the agency from enacting a “substantially similar” rule unless it was specifically allowed to do so by lawmakers.

Reporting by Makini Brice and Michelle Price; editing by David Alexander

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