Elizabeth Warren targets auto loans
Image from Shutterstock.
U.S. Sen. Elizabeth Warren is trying to find a co-sponsor for a bill to bring auto lending within the oversight of the Consumer Financial Protection Bureau, but so far she has found no takers.
Warren raised the issue in speeches this spring, Politico reports. “While the CFPB has oversight for mortgages and credit cards and checking accounts, it doesn’t have complete oversight of the auto loan market because Dodd-Frank specifically carved out auto dealers,” Warren said in a May 5 speech.
Politico attributes the lack of enthusiasm for Warren’s proposal to the strong auto lobby. “Auto dealers are in every district, employ more than a million people and are often local and family owned—which adds up to huge leverage in Washington,” the story says.
Hat tip to Public Citizen’s Consumer Law & Policy Blog.
