President Barack Obama, on May 12, 2010, spoke out against the Brownback Amendment to the pending legislation to protect consumers in the financial industry. The Brownback Amendment would exempt car dealers from coverage under this consumer friendly law. It is important to car dealers because many of them make money on financing. The law, without the Brownback Amendment, would apply to car financing. According to an article posted on the Automotive News website, President Obama said the amendment “encourages misleading sales tactics that hurt American consumers.” The article also notes that the U.S. Treasury, military families, civil-rights groups, the Independent Community Bankers Association and the Credit Union National Association all weigh in against the exemption for car financing. While the National Automotive Dealers Association is urging all of its 17,000 members to “keep up pressure on their senators” to pass the exemption.
President Opposes Exempting Auto Dealers from Consumer Protections in Car Financing
Posted by admin on May 12, 2010