Barney Frank: “I yield myself 30 seconds to say, first of all, the gentleman made one more flat misstatement when he talked about car…”

“I yield myself 30 seconds to say, first of all, the gentleman made one more flat misstatement when he talked about car loans. Car loans are exempted from this. This is an example of the failure to understand what we're really talking about. Secondly, he does have Wall Street support for this bill. I think he mentioned the American Bankers Association. And this notion that the community banks aren't involved is just nonsense. As a matter of fact, the community banks are favored here because the Consumer Bureau is given the right to examine banks of $10 billion in assets or more, but it cannot examine the credit unions and the community banks. So that was a recognition that he ignores. Mr. Chairman, I yield 2 minutes to the gentleman from North Carolina (Mr. Miller), who has been a leader in trying to fight for decent mortgages.”