NIADA KEY VOTE: CAMPBELL AMENDMENT TO CONSUMER FINANCIAL PROTECTION AGENCY (CFPA) ACT

NATIONAL INDEPENDENT
AUTOMOBILE DEALERS ASSOCIATION

2521 BROWN BOULEVARD

ARLINGTON,
TX 
76006-5203

817.640.3838
/ FAX 817.649.5866

WWW.NIADA.COM

NIADA KEY VOTE: CAMPBELL
AMENDMENT TO CONSUMER FINANCIAL

PROTECTION AGENCY (CFPA) ACT

Dear Representative,

On behalf of the
approximately 20,000 members of the National Independent Automobile Dealers Association (NIADA), we strongly
encourage you to support the Campbell
amendment to H.R. 3126, the “Consumer Financial Protection Agency Act of 2009,”
which is scheduled for markup today. Under the Campbell amendment, motor vehicle dealers
would not be subject to regulation by the proposed Consumer Financial
Protection Agency, but would maintain consumer protection regulation
administered by the Federal Reserve and the Federal Trade Commission (FTC).

This will be a key
vote for NIADA and its members.

KEY POINTS:

1.     
Financial reform
legislation should focus on what led to an economic
crash last year. Auto dealers did not cause the credit meltdown.

2.     
Effective federal and
state laws governing dealer-assisted financing already exist.

3.     
In light of the credit
crisis and the lowest auto sales in a generation, a dramatic restructuring of
auto finance would create unintended consequences, increasing consumer costs
that could further depress auto sales.

4.     
This amendment simply
clarifies Chairman Frank’s original position that Auto Dealers not be included
in the new CFPA

Unless the Campbell Amendment is
accepted, NIADA and its dealer members urge you to oppose H.R. 3126, the
Consumer Financial Protection Agency Act.

For additional
information, please contact NIADA General Counsel Keith Whann at 614 497-2000.

Sincerely,

Bruce Roffey

Village Motors

Conover, NC

828-464-0626