On the recordMay 24, 2010
The problem is, if we have three places sitting here--we have a community banker, we have a credit union, and we have an auto dealer-- all three are still covered. They are all three still covered if they make the loan. If they originate, if they make the loan, they put the money out there, all three are covered. What we are saying in this motion is, if it is your money that you are loaning, you are covered. But if you are simply writing paper or trying to help someone upstream and options for the person who is coming in and you are saying: We have option A, B or C, from this credit union, from that bank or from GMAC, whichever it may be, they are not covered. The authors of the bill want to put belts and suspenders on auto financing. Why would we double regulate in this particular area when we are already going to have the cost and the burden of doing it? And on top of all that, we already have a set of regulations in this field.
