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US Senate Votes to Exempt Car Dealers From Consumer Protections
In brief: New consumer protection regulations, aimed at the financial industry, will likely include an exemption for automotive dealerships and loan programs, according to a Senate vote today.
A procedural vote overwhelmingly supported recommending to Senate leadership that they agree to exempting car dealers and their loan institutions from sweeping consumer financial protection regulations that will be finalized between the U.S. House of Representatives and the Senate.
The bill passed the Senate without the exemption included, but passed the House with it built-in. When the two are reconciled, this new procedural vote authorizes the Senate's representatives to include the amendment in the bill.
Consumers Union, owner of Consumer Reports, believes that loans from dealerships should be considered in the same light as loans from a bank and with the same oversight.
And so ...
Even the Defense Department prefers that dealers be included, as many soldiers are targets for predatory auto loans.
Photo credits: Consumer Reports
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