Consumer protection superagency created
Auto dealers exempt from law
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.