Rep. Watt Looks to Eliminate Dealer Exemption From CFPA
WASHINGTON — The National Automobile Dealers Association (NADA) is mobilizing a nationwide grassroots effort to oppose Rep. Mel Watt (D-N.C.)’s amendment to eliminate an exemption for auto dealers from the soon-to-be created Consumer Financial Protection Agency (CFPA).
The CFPA is currently part of financial reform legislation, HR 4173, which is moving quickly through the U.S. House of Representatives.
The Watt amendment would "nullify" the auto dealer exclusion language, not just "revise" it. Every auto dealer would be subject to CFPA regulation under the Watt amendment. The auto dealer exclusion language was carefully considered by members of the House Financial Services Committee and was approved by a strong vote of 47-21.
Under the committee-passed bill, banks and finance companies that fund and service auto loans arranged by dealers for their customers would be regulated by CFPA.
A vote could occur as early as today. NADA’s legislative office is strongly urging dealers to contact their House members as soon as possible and ask them to oppose the Watt amendment.
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