Senate Recommends Brownback Auto Lending Exemption
The Senate just voted to recommend that its conferees working to reconcile the House and Senate financial regulatory reform bills include Sen. Sam Brownback’s (R-Kans.) language exempting auto dealers that make loans from Consumer Financial Protection Agency oversight. The nonbinding motion was agreed to by a surprisingly high margin, 60 to 30. Still, due to strong White House and Defense Department opposition — not to mention the sheer size of the auto lending market and the incidence of abusive lending practices at some dealerships — it is not expected to make it into the final bill.