The banking industry won a small victory this month when the House voted to nullify Consumer Financial Protection Bureau guidance that had led to recent auto lender settlements, but the real battle over the bill and its potential impact is just beginning.

The bill — authored by Reps. Frank Guinta, R-N.H., and Ed Perlmutter, D-Colo. — would force the CFPB to rescind its 2013 bulletin that had told auto lenders to change practices for compensating dealers to avoid fair-lending violation from pricing markups. The legislation, which passed with significant Democratic support, would require the agency to study the policy and then revise the guidance.

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