Our companies have been unfairly targeted by the new regulations included in the Dodd-Frank bill. Seller finance business owners did not cause the mortgage crisis. We did not receive any government bailouts. We have gotten caught up in the sweeping legislation aimed at the large banks. The phrase "too big to fail" certainly does not apply to us.
We need members of Congress to weigh in to ensure that these regulations impact those we all were told they would. To date the big institutions that got us into the housing mess of the 2000's are able to deal with the new regulations because of their size. Small businesses like us that have never been part of the problem but have always been part of the solution are being crushed by the new burdens the law is putting on us. We need help and we need it fast. Without relief many of us will be forced to exit the business in a short time and that will leave only the big players left to help those in need.
- We need legislative corrections language with the aim of excluding seller-financing transactions from most if not all of these regulations.
- To help us get your voice heard after the public comment to CFPB.
- Direct the agency to do an ongoing impact study on the industry as was allowed by the law.
When politicians in Washington take aim, they often miss the mark. That has been the case with the new rules governing the financial industry implemented over the past few years which were supposed to target Wall Street and big banks. Instead, the Seller Finance industry is taking a direct hit, and its very existence is threatened. But you don't have to stand alone in this fight to protect your livelihood. We've created the Seller Finance Coalition to increase our volume and make sure our collective voices are heard in the halls of Congress.