Dealer Ops

Fed Reserve Approves Second Rate Hike This Year

The Federal Open Market Committee approved a quarter-point hike in the federal funds rate. While auto loans aren’t expected to change much, the rate increase will cost credit card users roughly $1.5 billion in extra finance charges this year, according to one estimate.

House Approves Dodd-Frank Replacement Bill

Four days after the U.S. House passed a bill aimed at reversing a number of Dodd-Frank financial regulations and scaling back the CFPB’s authority, the Treasury Department recommended that the bureau’s powers be reduced in a report containing more than 100 suggestions for financial reform.

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