Defense Department Weighs In On Consumer Financial Protection.

[babylonsister]

http://www.prospect.org/csnc/blogs/tapped_archive?month=03&year=2010&base_name=defense_department_weights_in

Defense Department Weighs In On Consumer Financial Protection.

This is important:

Even the Defense Department has chimed in, sending a letter to the Treasury Department urging oversight of auto lenders because of a pattern of abusive lending to military personnel.

"We believe the intervention of the {Consumer Financial Protection Agency} in overseeing auto financing and sales for service members will help protect them and will aillegal codemakeRemote('duboard.php?az=html_table')ssist us in reducing the concerns they have over their financial well-being," Defense Undersecretary Clifford Stanley wrote in a letter dated Feb. 26.

The military is obviously one of the most highly regarded institutions in American life, and when it weighs in on behalf of service members, people tend to listen. If the Department of Defense believes that the Consumer Financial Protection Agency should cover auto lenders, among other non-bank lenders that some reform opponents want to exempt from regulation, that could go a long way toward convincing reluctant senators to support robust consumer protection.

-- Tim Fernholz

[Tippy]

1. Republican answer........

Shut the hell up or we'll cut D of D budget.....

[arcadian]

2. Go to any city with a large military base nearby and the car dealerships are like locusts.

Colorado Springs, Virginia Beach, etc.

Young kid with first steady income = suckers