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Sen. Elizabeth Warren is drafting legislation that would give regulators more authority to go after auto dealers, picking a fight with the powerful industry, congressional Republicans and even some within her own party.
The Massachusetts Democrat argues that auto dealers engage in selling financial products and loans just like banks, and that unsuspecting consumers can easily be taken for a ride with bad deals. She wants to give the Consumer Financial Protection Bureau (CFPB) the authority to supervise the industry.