Need to exclude auto dealers from the proposed Bureau of Consumer Financial Protection currently in the US Senate

The legislative alert below explains the urgency for us to make two phone calls to our US Senators. This bill if passed without Brownback Amendment will have a chilling effect to our future business. So, I urge each of you to take two minutes and pick up the phone to call each of two senators.


Legislative Alert Issued By NADA

The U.S. Senate is likely to vote on financial reform legislation as early as next week. The Senate bill would create a new Bureau of Consumer Financial Protection (BCFP) which would have new authority to regulate auto lending, including the power to regulate finance rates and finance products (such as service contracts), potentially ending dealer-assisted financing as we know it. NADA is encouraging its members to make every effort to have the Senate exempt auto dealers from this bill, just as was done by the U. S. House of Representatives in December 2009 (except for “buy here, pay here financing”) from a similar agency.

What Should You Do?
Senator Sam Brownback (R-Kan.) is planning to offer an amendment to exempt dealers during Senate consideration of the financial regulation bill, most likely next week. Would you please send the attached letter to both of your senators as soon as possible. Also, would you please telephone your senators at both their district and Washington D.C. offices this week and ask them to support the Brownback auto dealer amendment to the financial reform bill. Their telephone numbers are listed below.

CALIFORNIA
Barbara Boxer (D – CA)
112 Hart Senate Office Building
Washington D.C. 20510
(202) 224-3553
San Francisco (415) 403-0100


Dianne Feinstein (D – CA)
331 Hart Senate Office Building
Washington D.C. 20510
(202) 224-3841
San Francisco (415) 393-0707

CONNECTICUT
Christopher Dodd (D - CT)
448 Russell Senate Office Building
Washington, D.C.
(202) 224-2823
Wethersfield (860) 258-6940

Joseph Lieberman (ID – CT)
706 Hart Senate Office Building
Washington, D.C.
(202) 224-2823
Hartford (860) 549-8463

NEW JERSEY

Frank Lautenberg (D - NJ)
324 Hart Senate Office Building
Washington D.C. 20510
(202) 224-3224
Newark (973) 639-8700

Robert Menendez (D - NJ)
317 Hart Senate Office Building
Washington D.C. 20510
(202) 224-4744
Newark (973) 645-3030

NEW YORK

Kirsten Gillibrand (D – NY)
531 Dirksen Senate Office Building
Washington, D.C. 20510
(202) 224-4451
New York (212) 688-6262

Charles Schumer (D – NY)
313 Hart Senate Office Building
Washington, D.C. 20510
(202) 224-6542
New York (212) 486-4430

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