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October 28, 2009

Auto Dealers Win Exemption from Consumer Agency Mandate
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The investigative news website Pro Publica is reporting meanwhile that
intense lobbying has stripped the proposed Consumer Financial Protection
Agency of powers to oversee the nation’s auto dealers. The House
Financial Services Committee voted to establish the agency last week.
But the panel overwhelmingly approved an amendment to remove auto
dealers from the agency’s purview. That effectively means that while
financial firms that provide auto loans will be regulated by the agency,
that regulation would stop when the loans reach the dealers.



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