House conferees turned down a proposal that would place car dealers under the purview of the new Consumer Financial Protection Bureau.
Rep. Luis Gutierrez (D-Ill.), who sponsored the amendment, contrasted the treatment of automobile dealers with that of credit unions.
"A lot of consumers get their car loans from auto dealers, because it's easy, it's convenient," Gutierrez said during the debate. "When you go get a car loan from a credit union, it is monitored and regulated under the consumer agency. If you get the car loan at the car dealership, where it is really scary to get your car loan, then it is not under the agency."
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