Some shady auto dealers are known to fake financial docs to get customers approved for loans they can’t afford. They refer to senior citizens as “people with oxygen tanks” and even straight up steal money from their ATM account. So, good thing that they can afford good lobbyists, because in the final hours they succeeded in making it so the new Consumer Financial Protection Bureau doesn’t apply to them.
It’s probably because the auto industry have had such a tough year, what with the plant closing and bailouts and massive recalls and all. We wouldn’t want them to be under the same gaze that’s watching mortgage lenders and every other financial product purveyor. That would just be mean.
Wall Street Reform’s Biggest Winners and Losers [Mother Jones]
Auto Dealers Maneuver for Exemption in Financial Reform Bill [The Center For Public Integrity]
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