Auto dealers exempt from law7 of 9Auto dealers are one type of loan broker that won't be covered by the act. The auto dealers campaigned hard for, and received, an exemption from the consumer protection bureau's authority, despite their role in brokering billions of dollars in consumer loans every year.The banks making the loans will still be regulated, but the Federal Trade Commission will remain the primary watchdog for dealerships' finance and insurance transactions. Related Articles:Financial meltdownThe Fed's policy toolboxMeltdown: credit cardsHow safe is your bank?Related Links:Financial regulationFinancial regulation and auto loansSafe places for your cash5 financial mistakes advertisement
Auto dealers are one type of loan broker that won't be covered by the act. The auto dealers campaigned hard for, and received, an exemption from the consumer protection bureau's authority, despite their role in brokering billions of dollars in consumer loans every year.
The banks making the loans will still be regulated, but the Federal Trade Commission will remain the primary watchdog for dealerships' finance and insurance transactions.
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