The Consumer Financial Protection Bureau may not exercise any rulemaking, supervisory, enforcement, or any other authority including any authority to order assessments over a motor vehicle dealer that is predominantly engaged in the sale, the servicing of motor vehicles, the leasing and servicing of motor vehicles and both.
Barney Frank discusses limitations on the CFPB's authority over auto dealers.
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The problem was not so much that we deregulated as a society, but that we did not have new regulations to keep up with new activity.
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