SENATE VOTE ON BROWNBACK AMENDMENT

MAY OCCUR WITHIN 24 HOURS

Credit Unions and Community Bankers Try to Kill Brownback Amendment

Press reports indicate the Independent Community Bankers Association and the Credit Union National Association now oppose the Brownback Amendment. These new opponents of the Brownback Amendment would prefer to limit auto finance options for consumers so that banks and credit unions can increase their share of direct auto loans. However, dealers meet or beat banks and credit unions’ rates every day.

Dealers must explain to their Senators that supporting the Brownback Amendment is the pro-consumer position. The Brownback Amendment preserves competition in auto finance, which benefits consumers, as dealers can leverage their multiple relationships to offer a range of financing options.

ACTION NEEDED

Now is the time for you and all your employees to call.

Call your Senators through the Capitol Switchboard at 202-224-3121 and urge them to support the Brownback auto dealer amendment.

Please make your Senators aware of the following points:

• Small business automobile dealers are not banks or financial institutions, yet, they would be covered under S. 3217, because of the bill’s broad definition of “consumer financial product or service”.

• The Brownback auto dealer amendment helps preserve auto finance competition for our customers. 

• All auto lenders and all loans will be fully regulated by the Bureau of Consumer Financial Protection, as well as financing provided by Buy-Here-Pay-Here dealers and auto title lenders.

• The practices targeted by opponents of the Brownback Amendment are already illegal, and will remain illegal if the Brownback Amendment is adopted.

• The Brownback Amendment helps level the playing field with community banks and credit unions. Support for the Brownback Amendment helps keep car loans affordable for consumers.

Please visit www.nada.org/brownback, e-mail legislative@nada.org, or call 1-800-563-1556.

State of Ohio Senators can be reached at the following numbers:

Sherrod Brown tel: (202) 224-2315 fax: (202) 228-6321;

George Voinovich tel: (202) 224-3353 fax: 216) 522-7097; or

Click here to contact them via the web.

For more information or if you have any questions, feel free to contact Lou Vitantonio or Ellen Mastrangelo at your Association at lvitt@gcada.org or ellen@gcada.org.

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