Trott's Legislation to Modernize Auto Industry Lending Passes Committee with Bipartisan Support
WASHINGTON - Today, U.S. Representative Dave Trott (MI-11) issued the following statement following the Committee on Financial Services' passage of the Privacy Notification Technical Clarification Act (H.R. 2396), bipartisan legislation he introduced to modernize the privacy notification process of auto lenders and increase consumers' access to lender privacy policies:
"This critical legislation finally allows auto lenders to modernize their privacy notification process, cutting down on the high compliance costs they're forced to pass along to consumers while increasing consumer access to important privacy information. In Michigan, the heartland of our nation's domestic auto industry, legislation that decreases the burden placed on the auto industry, helps provide more loans for American families, and provides greater clarity and access to information for automotive consumers is a good deal for everyone. I look forward to the full House's consideration of this common-sense legislation."