Summary Box: New consumer regulator won’t cover auto dealers or community banks

Summary Box: New consumer financial protection

CONSUMER PROTECTION LOOPHOLES: A financial overhaul bill awaiting a Senate vote would create a new regulator to oversee consumer loans. But community banks and auto dealers won’t be covered.

STRONG LOBBY: The two groups represent small businesses, but collectively they are a powerful lobbying force.

WHAT THEY SAY: Dealers say they are just a go-between, connecting car buyers with lenders. Community banks are supposed to follow the new consumer regulator’s rules but don’t have to. Consumer advocates say these exemptions create loopholes that won’t prevent deceptive loans for cars or from small banks.