Wall Street Reform Law Exempts RV Dealers from Regulation by Consumer Protection Bureau

The Wall Street Reform and Consumer Protection Act, signed into law by President Obama on July 21, exempts RV, boat, and auto dealers from additional regulation by the newly-created Consumer Financial Protection Bureau. 

RVDA and its dealer 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 exemption.

“Being exempt from direct supervision by another government agency is a great victory for RV dealers, who already face too many regulatory burdens,” said RVDA President Mike Molino.   “RVDA wants to ensure that we thank all those in the RV industry who assisted dealers on this issue in any way. Some organizations were very active in contacting, and helping others contact, their U.S. Senators and Representatives, including many state RV associations.  Others, including the Recreation Vehicle Industry Association (RVIA), the National Association of RV Parks and Campgrounds (ARVC), and the RV AfterMarket Association (RVAA) helped with information and other support.”

RV dealers told Congress that the issue was not whether or not there should be banking reform to protect consumers.  Dealers convinced their legislators that additional regulatory requirements would restrict RV sales and dampen job creation by making the following key points to lawmakers:

•RV dealers are not banks. 

•RV dealers do not make loans. 

•RV dealers do not decide who qualifies for a loan. 

•RV dealers are small businesses that provide jobs.

•RV dealers should not have to be subject to detailed record keeping and reporting requirements that banks have under the law. 

“Both Democrat and Republican Members of Congress took considerable risk in supporting dealers,” said Molino.  “We thank them for their support.”

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 Brothers, 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.

RVDA is the national association representing RV retailers. The association's members include RV dealers, RV rental operators, and RV AfterMarket sales and service locations.