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					!                                   CAMBRIDGE WINTER CENTER
	                                   for Financial Institutions Policy

	                                   Raj Date
	                                   Chairman & Executive Director
	                                   Cambridge Winter Incorporated
	                                   30 West Street, Number 23A
	                                   New York, NY 10004
	
!                                   May 17, 2010

The Honorable Clifford L. Stanley
Under Secretary of Defense
4000 Defense Pentagon
Washington, DC 20301-4000

Dear Under Secretary Stanley:

We have not met. I head a non-profit, non-partisan think tank that focuses
on U.S. financial services policy.

On May 14, 2010, Senator Brownback sent you a letter asking that you respond
to certain questions related to the Senator’s proposed exemption of auto
dealers from a new consumer protection framework. I noted that the Senator’s
letter, in the second numbered paragraph, cites me, from a CNN Money article
dated May 13.

Although it is surely unintentional, I am afraid that the Senator’s excerpt
from that article might leave you with a thoroughly misleading perspective on
Cambridge Winter’s research on auto finance. To clarify, please find below
first the selection excerpted by the Senator’s letter, and then, for clarity,
the entirety of the relevant passage from the CNN Money piece

First, from Senator Brownback’s letter:

      CNN Money on May 13 reported that “Raj Date, executive director of the
      Cambridge Winter Center for Financial Institutions Policy, agreed that
      the additional [CFPA] regulation might cause some dealers to stop
      arranging loans.”

And now, the full passage from CNN Money:

      Raj Date, executive director of the Cambridge Winter Center for
      Financial Institutions Policy, agreed that the additional regulation
      might cause some dealers to stop arranging loans. "There will be some
      dealers who say 'If I have to play by an honest set [of] rules, then I
      can't be in this business anymore,'" Date said. "I'm not going to shed
      any tears for these dealers."

I hope that clarifies what otherwise could have been misconstrued. It is my
strong opinion that only those auto dealers that cannot play by honest rules
would exit the business.

Regards,

/s/

Raj Date

				
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