By on March 23, 2010

Remember when we reported that the cash cow known as in-house dealer finance wouldn’t be covered by the Consumer Financial Protection Act, currently making its way through congressional committees? That version of the bill passed the House Financial Services Committee (with some questionable support), but now Automotive News [sub] reports that the Senate Banking Committee has passed its own version which does make dealer finance subject to regulation by the Consumer Financial Protection Bureau. The Senate version would also make the CFPB an office of the Federal Reserve, rather than a stand-alone agency. So, should an agency set up to prevent another financial crisis extend regulation to dealer finance operations? Dealers aren’t happy about the idea, but traditional consumer advocates aren’t the only ones saying yes…

(Read More…)

Recent Comments

  • phila_DLJ: Obviously, you have to keep Ram in order to pull that stump. THEN sell Ram off.
  • Mandalorian: This is my choice as well. Defender, with the possibility of an LS-swap somewhere down the line.
  • MrGreenMan: This would be the perfect time for Cammy to return and defend the honour of British steel.
  • FreedMike: I drove an AMG G-wagen a few years back. You don’t want one. Tippy and radically overpowered is no...
  • FreedMike: I’ll take the Defender. So veddy British.

New Car Research

Get a Free Dealer Quote

Staff