Wednesday, May 19, 2010

Senate delay is your chance to contact Sens. Cardin and Mikulski

The Senate's financial overhaul bill is stalled (they can't get a cloture vote), so we urge you to take this opportunity to contact Senator Cardin and Senator Mikulski and tell them that when the bill moves again you urge them to vote against the Brownback amendment.

Auto-dealers across the state have been lobbying Senators Cardin and Mikulski to support the Brownback Amendement, which would exempt auto dealers from the new Consumer Financial Protection Agency. Auto dealers argue that only financial products that were related to the crisis should be regulated under the new agency.

The reality is that some auto dealers sell, finance, and promote cars in the same way that mortgage brokers sold houses and banks extended credits. Car ownership can involve sophisticated financial, credit, and sales transactions. Some dealers are honest while others engage in the same types of predatory and deceptive practices that mortgage companies are being scrutinized for.

MCRC believes that auto dealers should be regulated under the CFPA.

Ask Senators Cardin and Mikulski to
• Oppose "The Brownback Amendment" and
• Protect the right of Maryland and other states to pass strong state-level regulations and enforcement by ensuring that federal efforts are the floor, not the ceiling, for reform.

Find contact information here.


    Subscribe to MCRC blog updates via email; click here.

No comments:

Post a Comment