07/06/2010 05:12 am ET Updated May 25, 2011

Civil Rights Groups Issue Warning Against Hazardous Auto Dealer Amendment

Capitol Hill has been teeming with auto dealers as the debate heats up on the proposed "Restoring American Financial Stability Act of 2010" (S. 3217). Dealers have their radar honed in on an amendment in S. 3217 that would exempt them from the jurisdiction of the Consumer Financial Protection Bureau (CFPB), an entity that would be created to enforce rules in the lending market. Yesterday, NCLR, the NAACP, the National Urban League, The Leadership Conference on Civil and Human Rights, and the National Fair Housing Alliance all strongly urged senators to stamp out the amendment. They warned that carving auto dealers out of the CFPB's authority would indemnify one of the more abusive lending markets. Read on...