Sam Brownback: “I would note that the amendment I called up is the one to exempt auto dealers from the consumer financial products…”

“I would note that the amendment I called up is the one to exempt auto dealers from the consumer financial products commission created in this bill. These are auto loans already covered under the bill by whoever is doing the financing. If the auto dealers themselves are doing the financing, then they would be covered under the consumer financial products commission. What this amendment attempts to do is say, let's regulate auto loans, but let's regulate them by who is doing the loan, not just who is processing the paper. It would be my hope that we would get the broad bipartisan support of my colleagues. We do have bipartisan support for this amendment.”