Auto dealers close to escaping consumer rules

By Jennifer Liberto, senior writer


WASHINGTON (CNNMoney.com) -- Auto dealers are a step closer to escaping increased oversight from a new consumer financial protection regulator that will be created by the Wall Street reform push.

In a nonbinding, largely symbolic motion, the Senate on Monday directed its key negotiators to advocate exempting auto dealers from tougher oversight as they enter negotiations with the House to reconcile Wall Street reform bills.

The motion passed 60-30.

The Senate passed its reform bill last week, which would create a consumer financial protection bureau that will have the ability to craft new rules barring unfair practices with consumer loans, mortgages, credit cards and auto loans.

The Senate bill did not exempt auto dealers. But the House of Representatives bill, passed in December, did exempt them. Those two versions now need to be hashed out into a final, compromise bill.

With Monday's vote, the Senate made it more likely that auto dealers will be able to continue making auto loans without extra regulation -- a move strongly opposed by President Obama and the Department of Defense, which got involved in the issue after military personnel complained about predatory auto-lending practices.

A final decision will be made during the House and Senate negotiations, which are expected to begin in two weeks. To top of page

Frontline troops push for solar energy
The U.S. Marines are testing renewable energy technologies like solar to reduce costs and casualties associated with fossil fuels. Play
25 Best Places to find rich singles
Looking for Mr. or Ms. Moneybags? Hunt down the perfect mate in these wealthy cities, which are brimming with unattached professionals. More
Fun festivals: Twins to mustard to pirates!
You'll see double in Twinsburg, Ohio, and Ketchup lovers should beware in Middleton, WI. Here's some of the best and strangest town festivals. Play
Index Last Change % Change
Dow 17,055.87 -116.81 -0.68%
Nasdaq 4,508.69 -19.00 -0.42%
S&P 500 1,982.77 -11.52 -0.58%
Treasuries 2.54 -0.03 -1.21%
Data as of 10:58pm ET
Company Price Change % Change
Bank of America Corp... 17.05 0.02 0.12%
Yahoo! Inc 39.05 0.40 1.03%
Apple Inc 102.64 1.58 1.56%
Facebook Inc 78.29 1.49 1.94%
Oracle Corp 38.83 -0.75 -1.89%
Data as of 4:01pm ET

Sections

Inversions have gotten outsized attention. But that masks the fact that there are far bigger corporate tax loopholes that deserve scrutiny. More

Put on these wearable gadgets, and you'll have superhuman strength, sight, hearing and health. More

They may have million dollar-plus nest eggs, but they had to make some big sacrifices along the way to get there. Here's what these four savers did without in order to save seven-figures retirement. More

Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.