The Senate on Wednesday voted to kill a five-year old Obama administration policy warning auto lenders not to discriminate against minority borrowers.
The legislation, which passed 51 to 47 largely along party lines, is the latest Republican rebuke of the Consumer Financial Protection Bureau's history of aggressive tactics. Sen. Joe Manchin, W.Va., was the only Democrat to vote in favor of the measure.
The auto industry complained for years about the CFPB guidance, which they said was unfair.
"The CFPB wrongly used its overreaching, indirect auto-lending guidance as an enforcement weapon, proceeding down the path of an aggressive enforcement action in search of...