April 18, 2018 / 5:20 PM / 3 months ago

U.S. Senate votes 51-47 in favor of undoing consumer bureau's auto guidance

WASHINGTON, April 18 (Reuters) - The U.S. Senate voted 51-47 on Wednesday in favor undoing the Consumer Financial Protection Bureau’s March 2013 guidance restricting how car dealers extend auto loans to consumers.

The vote to overturn the consumer watchdog’s indirect auto-lending rule, was debated on the Senate floor on Tuesday for 10 hours. It must be debated and voted for approval in the House of Representatives before being sent to President Donald Trump for his signature. (Reporting by Katanga Johnson Editing by Bill Trott)

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