WASHINGTON — After working through the night on the financial reform bill, the House and Senate conference committee have finalized the legislation and marine dealers were granted an exclusion, according to a release from the National Marine Manufacturers Association.
A compromise agreement was reached shortly before 6:00 a.m. after 20 straight hours of negotiations. The bill now goes to the full House and Senate for a vote and is on track to reach the President's desk before the July 4th holiday.
According to the NMMA, auto, marine and RV dealers will be excluded from the new Consumer Financial Protection Bureau, which will oversee mortgages, credit cards and other consumer financial products. This means the agency would regulate the financial institutions that extend credit to auto, marine and RV customers, as well as the few dealers that provide direct financing themselves, but not dealers directly.
The bill does expedite the ability of the Federal Trade Commission, which currently oversees dealers, in creating regulations. (FTC rules can often take years to finalize.)
"Over the last several months, NMMA has worked to ensure that marine dealers were treated equitably under any new rules," NMMA spokeswoman Christine Pomorski said in a statement. "This conference agreement meets that goal and avoids unpredictable and burdensome new regulations on marine dealers under the Consumer Financial Protection Bureau, while ensuring reasonable regulations remain in place. The exemption will spare dealers from the burden of additional paperwork and reporting requirements under this new agency. Dealers' retail financing activity continues to be effectively regulated by the Federal Reserve Board, the Federal Trade Commission and 50 state consumer protection agencies."
- Can’t get enough boating news? Subscribe to our blog’s RSS feed, follow us on Twitter or look for “Boating Industry” on Facebook and LinkedIn.
- For more of the latest news, click here.