Car dealers escape new consumer oversight

December 9, 2009 5:51:53 PM PST
Car dealers are escaping oversight from the proposed new Consumer Financial Protection Agency.

If created, the agency is set to regulate consumer loans from home mortgages to credit cards, but the car industry won an exemption and won't fall under the agency's view.

The advocacy group Consumers for Auto Reliability and Safety say car dealers get a kick back for every auto loan they sell, so they should be regulated.

The auto industry fires back saying more oversight isn't needed, since auto financing is already regulated by the state and two federal agencies.

The House is expected to vote on whether or not to even have his agency, sometime this week.


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