GOP’s regulatory fight goes to another level over car loans

WASHINGTON — The Republican-led Congress last year revoked more than a dozen Obama-era federal regulations. Now, it’s poised to undo guidance a consumer protection agency issued five years ago to help ensure minority car buyers aren’t charged higher interest rates.

Republicans says that rescinding the guidance is necessary because it amounted to a backdoor attempt to regulate auto dealers. Congress expressly prohibited such regulation when establishing the consumer protection agency in 2010.

Opponents say they’re concerned the GOP’s fight against government regulations is entering a new phase. They warn that a Senate vote Wednesday could be the first of many to nullify scores of agency bulletins and guidance letters issued over the years.

Such guidance conveys to the public how regulators interpret existing law and what steps industries should take to comply.