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NIADA KEY VOTE: CAMPBELL AMENDMENT TO CONSUMER FINANCIAL
PROTECTION AGENCY (CFPA) ACT
Dear Representative,
On behalf of the approximately 20,000 members of the National Independent Automobile Dealers Association (NIADA), we strongly encourage you to support the Campbell amendment to H.R. 3126, the “Consumer Financial Protection Agency Act of 2009,” which is scheduled for markup today. Under the Campbell amendment, motor vehicle dealers would not be subject to regulation by the proposed Consumer Financial Protection Agency, but would maintain consumer protection regulation administered by the Federal Reserve and the Federal Trade Commission (FTC).
This will be a key vote for NIADA and its members.
KEY POINTS:
- Financial reform legislation should focus on what led to an economic crash last year. Auto dealers did not cause the credit meltdown.
- Effective federal and state laws governing dealer-assisted financing already exist.
- In light of the credit crisis and the lowest auto sales in a generation, a dramatic restructuring of auto finance would create unintended consequences, increasing consumer costs that could further depress auto sales.
- This amendment simply clarifies Chairman Frank’s original position that Auto Dealers not be included in the new CFPA
Unless the Campbell Amendment is accepted, NIADA and its dealer members urge you to oppose H.R. 3126, the Consumer Financial Protection Agency Act.
For additional information, please contact NIADA General Counsel Keith Whann at 614 497-2000.
Sincerely,
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