Dodd-Frank Act co-author former Rep. Barney Frank said Monday concerns over the rising number of subprime auto loans given to consumers who default on them proves the worth of the Consumer Financial Protection Bureau.

The multi-billion dollar industry was one of the largest areas of consumer debt exempted from the financial regulatory reform law five years ago out of pressure from auto dealers who populate every Congressional district.

The retired Boston Congressman predicted if Republicans take over both Houses of Congress and the White House in 2016, they will try to remove the Federal Reserve’s duty to reduce unemployment.

He added he doesn’t see the friction between the Republicans pro-business and Tea Party wings ending.

Frank proclaimed himself a “great supporter” of his home state Senator Elizabeth Warren, but he is opposed to her move to try to bar banks from buying and selling securities.

His comments came at a forum sponsored by the Brookings Institution in Washington, D.C.