!

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