RV Dealers Exempt from New Consumer Protection Bureau
in Financial Regulation Bill
House and Senate conferees have agreed on a compromise bill to
overhaul the U.S. financial regulatory system. Part of the
overhaul includes an exemption for RV, boat, and auto dealers from
additional regulation by a new consumer finance protection bureau.
Dealers, in their role for arranging loans for motor vehicle customers,
would not be subject to supervision or enforcement by a new Consumer
Financial Protection Bureau (CFPB). The agency would oversee mortgages,
credit cards, and other consumer financial products.
RVDA and it members worked with the National Automobile Dealers
Association, the National Marine Manufacturers Association, and the
Marine Retailers Association of America to secure language in the bill
that includes both motorized and towable RVs, as well as boats, in the
“RV dealers are not banks and we are pleased that the House and
Senate conferees recognize that fact,” said RVDA President Mike
Molino. “RV dealers and their employees sent hundreds of
messages to their Congressional representatives to help educate them on
the dealers’ role in financing motorhomes and travel
Sen. Sam Brownback of Kansas authored language to exempt RVs and
boats, which was then passed by the full Senate in a motion to
conferees. House conferees later accepted Brownback’s Senate
language, making it part of the conference report. RVDA
Kansas Delegate Bill Hawley of Hawley Bros., Inc., in Dodge City, KS,
and Harold Oehler of Lazydays RV SuperCenter, Inc., in Seffner, FL,
played key roles in securing the exemption language by working
with their home state Senators to protect RV dealers.
The conference agreement will be submitted to the full House and
Senate for final votes the week of June 28th. The bill then goes
to President Obama, who has indicated he plans to sign it.