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Auto Dealers Win Exemption from Consumer Agency Mandate

HeadlineOct 28, 2009

The investigative news website ProPublica 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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