P&A Providers & Administrators
MenuMENU
SearchSEARCH

House Asks Senate to Exclude Auto Dealers from Oversight

June 22, 2010
2 min to read


WASHINGTON - House negotiators have proposed that the Senate agree to drop auto dealers from oversight of a proposed consumer watchdog agency, reported The Detroit News.


House and Senate negotiators have spent the last week working to craft a compromise overhaul of the nation's financial system.

Ad Loading...


One big issue of contention is whether the nation's 17,000 new car dealers should be subjected to oversight under a new Consumer Financial Protection Agency.


In a two-page proposal circulated by Rep. Barney Frank, D-Mass, chairman of the House Financial Services Committee, negotiators have asked the Senate to agree to exempt auto dealers from oversight -- bucking the White House.


Earlier this month, the Senate approved a non-binding resolution calling on its leaders to agree to the House language on auto dealers.


But the House in December voted to exempt dealers, and last week a group of 62 House Democrats urged party leaders to insist that auto dealers be exempted.


The House offer would exclude auto dealers -- asking the Senate to adopt their provision, which included dealers in their version.

Ad Loading...


"Main Street auto dealers commend Chairman Frank and House conferees for including language which preserves auto financing as an affordable option for car buyers in the House's offer to the Wall Street reform bill conference committee," said Bailey Wood, a spokesman for the National Automobile Dealers Association. "NADA strongly urges all conferees to accept the House's language regarding dealer-assisted financing."


The White House and the Pentagon strongly back regulating auto lending, saying it's necessary -- especially to protect young service members from exploitation from unscrupulous auto dealers. Auto dealers say lending is already heavily regulated.


Exempting auto dealers, President Barack Obama argued last month, "would allow them to inflate rates, insert hidden fees into the fine print of paperwork, and include expensive add-ons that catch purchasers by surprise."


An exemption, the president said, "guts provisions that empower consumers with clear information that allows them to make the financial decisions that work best for them."


The conference committee could see another attempt this week by Rep. Darrell Issa, R-Calif., who wants to bar companies that are owned or partially owned by the government from hiring outside lobbyists.

Ad Loading...


Issa's proposal to bar General Motors Co., Chrysler Group LLC and Ally Financial Inc. failed last week.

More Industry

Subwoofer in trunk of car.
Industryby Lauren LawrenceMay 26, 2026

Ownership Priorities are Shifting

A new survey shows that in the U.S. vehicle quality for generation Z is largely defined by advanced safety features, intuitive technology and premium sound systems.

Read More →
Man's hand holding gas pump in fuel tank of white car
Industryby Hannah MitchellMay 26, 2026

Pump Price Jump Calculated

ISeeCars.com examined fuel costs for different power trains, finding which ones have experienced the biggest hits since the war in Iran commenced.

Read More →
Graphic showing previous week's truck and SUV segment prices
Industryby StaffMay 20, 2026

Black Book: Weekly Market Update

Wholesale values fell last week despite the spring season still being in the traditional full-gear mode, analysts said.

Read More →
Ad Loading...
Photo of dealership sign with Toyota logo
Industryby Lauren LawrenceMay 19, 2026

Arkansas Auto Group Acquires First Indiana Rooftop

Performance Brokerage Services represented both the buyer and seller in the sale of Carver Toyota of Columbus by Carlock Automotive Group.

Read More →
Headshot photo of Antonio Filosa, Stellantis CEO
Industryby Hannah MitchellMay 19, 2026

Stellantis to Dive Into U.S. Lending

The multinational maker of Chrysler, Dodge, Jeep, Ram and multiple other brands received conditional approvals for a Utah-based industrial bank.

Read More →
Photo of the rear of a new BMW iX SUV
Industryby Hannah MitchellMay 12, 2026

New-Vehicle Prices Rise

With April sales down, higher prices on in-demand large vehicles helped inflate the overall ATP, though increases were under long-term averages, Cox Automotive reported.

Read More →
Ad Loading...
Graphic of car segments' results the previous week
Industryby StaffMay 12, 2026

Black Book: Weekly Market Update

Last week in the wholesale automotive market proved to be a mixed bag, analysts reported.

Read More →
Graphic of last week's estimated used retail days to turn
Industryby StaffMay 6, 2026

Black Book: Weekly Market Update

Conversion rates were flat last week at 63%, Black Book analysts calculated, as low-mileage and almost-near units outpaced the overall market.

Read More →
cargo ship with vehicles, at dock
Industryby Lauren LawrenceMay 5, 2026

EU Auto Association Urges Action

Trade relations between the European Union and the U.S. are at risk, causing the European Automobile Manufacturers Association to push lawmakers to make a decision.

Read More →
Ad Loading...
two people working on a paper contract together
IndustryMay 1, 2026

Driving into the Super CFC Era

Understanding the risks and benefits of retail accounting and Super CFCs can help you better present options to your dealer partners.

Read More →