Auto finance bill pits dealers against military, consumer groups

A new Senate proposal to exclude dealer-assisted financing from oversight by a new consumer protection agency is pitting auto dealers against military and consumer groups in a lobbying battle.

Dealers contend they don't need another layer of regulation. But groups representing current and former members of the armed forces and their families say military families need protection from “unscrupulous dealers.”

Dealers are supporting an amendment by Sen. Sam Brownback, R-Kan., to the bill that would overhaul financial regulation. The legislation was introduced by Senate Banking Committee Chairman Christopher Dodd, D-Conn., with the backing of the Obama administration.

The bill would create an agency under the Federal Reserve Board to regulate financial products such as mortgages, credit cards and debit cards.

This week, the National Automobile Dealers Association urged members to ask their senators to support the Brownback amendment. Yesterday, NADA said it is helping organize a fly-in of dealers on April 26 to meet with their senators in Washington.


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"Brownback is looking to introduce language similar to what passed in the House so that the vast majority of transactions at auto dealerships aren't subject to additional banking regulations," said Brian Hart, spokesman for Brownback. "Auto dealers are retailers, not banks, and are already subject to a host of federal and state regulations that protect consumers."

http://thehill.com/blogs/on-the-money/banking-financial-institutions/90813-brownback-wants-to-exempt-auto-dealers-from-consumer-financial-office

Bullshit on BrownSTAIN, auto dealers are NOTORIOUS for bait and switch F&I tactics and ripping off the poor.

pits dealers against military, consumer groups.

Whore for corporations-- supported by Racist Pigs