Archive

Posts Tagged ‘capitol hill’

Renewed Calls for CFPB’s Cordray to Step Down

April 6th, 2017 Comments off
TheFateoftheCFPBWhatWillTrumpDocreditwikipedia-postedtothedailybusinessnewsmhpronewsmhlivingnews

President Barack Obama announces the nomination of Richard Cordray as the first director of the CFPB on July 18, 2011. Credit: Wikipedia.

In the manufactured housing industry, the Consumer Financial Protection Bureau (CFPB), and it’s director, Richard Cordray, have made growth difficult.

And now, Washington lawmakers have taken notice of the challenges.

According to CNN Money, Rep. Jeb Hensarling (R-TX), chairman of the House Financial Services Committee, has called on President Trump to fire Richard Cordray, the head of the Consumer Financial Protection Bureau, immediately.

I believe the President is clearly justified in dismissing you and I call upon the president — yet again – to do just that, and to do it immediately,” said Hensarling, during a hearing on Capitol Hill yesterday.

jeb_hensarling__financialservice_house_gov__credit__rep_texas

Jeb Hensarling. Credit: House.gov

The organization has been in the crosshairs of President Trump and Republicans, who have proposed Death Blows to the organization via legislation.

Speaking on the pair of bills (S. 30 and H.R. 1031) put forward last month to advance Republicans’ broader Dodd-Frank reform efforts by tackling Title X of the law, Texas Senator Ted Cruz was clear on the problem.

ProposedDeathBlowtoCFPBPutForwardcreditWashintonExaminerTedCruz-postedtothedailybusinessnewsmhpronewsmhlivingnews

Sen. Ted Cruz. Credit: Washington Examiner.

This legislation would give Congress the opportunity to free consumers and small businesses from the CFPB’s regulatory blockades and financial activism, which stunt economic growth,” said Cruz.

One of the challenges around removing Cordray comes from the Dodd-Frank act, which created the agency. Dodd-Frank says, to a certain degree, that the President cannot fire the director without cause.

And for some Democrats, they see the agency being independent as critical.

Republicans have been clamoring to weaken, impede, and ultimately destroy the Consumer Bureau since its creation,” said Rep. Maxine Waters (D-CA).

CordrayDefiantSaysTrumpWon’tChangeAgencycreditWikipediaMaxineWaters-postedtothedailybusinessnewsmhpronewsmhlivingnews

Representative Maxine Waters. Credit: Wikipedia

But the agency was dealt a blow recently, when a federal appeals court denied their motions in a case with PHH Mortgage.

The same three-judge panel of the U.S. Court of Appeals for the D.C. Circuit that determined the CFPB structure was unconstitutional in October 2016, denied appeals in the PHH Corp. vs. Consumer Financial Protection Bureau case.

In the decision, which was covered by the Daily Business News here, the court determined the CFPB is controlled by a “single, unaccountable, unchecked directorRichard Cordray, who can only be removed for just-cause, which poses the risk of arbitrary decision-making and abuse of power compared to a multimember independent agency.“

The case is headed for another hearing on May 24th.

CompanyMovesinfortheKillonCFPBcreditFlickrPHHCFPB-postedtothedailybusinessnewsphonewsmhlivingnews

Credits: Flickr, CFPB, PHH.

During what was, at times, a contentious hearing, Republican lawmakers put pressure on Cordray and the CFPB, for what they see as a less than effective agency.

The CFPB was a latecomer in uncovering Wells Fargo’s fraudulent sales practices,” said Rep. Ann Wagner (R-MO).

Can you specify about when you prompted your staff to begin its investigation of Wells Fargo?”

Wagner also suggested that the CFPB was “asleep at the wheel” until press reports emerged on the scandal, which the Daily Business News covered here.

Lawmakers also press Cordray for his failure to reply to dozens of subpoena requests, including one tied to Ally Financial (ALLY) for discriminatory pricing in the lender’s auto loans, and for not certifying compliance with lawmakers’ requests.

I believe we have complied with all your subpoena requests,” Cordray told the committee.

Hensarling also pressed Cordray for answers on whether he was aware of the Federal Reserve’s Inspector General review of the agency’s handling of Congressional inquiries.

I don’t always know the inquiries that the IG is conducting,” said Cordray. “I’m not supposed to know all the inquiries that IG is conducting.

 

Impact for the Manufactured Housing Industry

CourtRulesCFPBStructureUnconstitutionalcreditwikipediacfpbhubpages

Credit: Wikipedia, CFPB, HubPages.

While the CFPB had the support of the Obama Administration, the Trump Administration has had the organization in its crosshairs since the election.

Those in the industry have not been shy about their feelings on the matter.

The information on this case also has indirect ramifications for the Manufactured Housing Institute (MHI), and others in the industry, as the Preserving Access bill is being floated, which would modify portions of Dodd-Frank.

For more on what the Preserving Access bill means for the industry, check out the latest article on The Masthead.

For more on the CFPB’s impact on the manufactured housing industry, click here. ##

 

(Image credits are as shown above.)

 

rcwilliams-writer75x75manufacturedhousingindustrymhpronews

RC Williams, for Daily Business News, MHProNews.

Submitted by RC Williams to the Daily Business News for MHProNews.

MHARR’s HUD/MHI Missive: on the record, “No Comment,” but off the record…

February 1st, 2014 Comments off

broadside-darius-danny-ghorbani-president-mharr-salvo-on-hud-logo-manufactured-housing-association-for-regulatory-reform-posted-daily-business-news-mhpronews-.jpMHARR’s president “broadsided” HUD – as well as MHI – on Thursday, January 29th with an emailed release. The timing seemed odd, observers told MHProNews, as this took place in the immediate aftermath of an extraordinary semiannual oversight hearing on Capitol Hill. Chairman Jeb Hensarling’s Financial Services Committee had members from both parties peppering Richard Cordray with questions on the handling of manufactured housing regulations by the CFPB.

MHProNews outreaches to MHARR and MHI officials alike drew no reply (MHARR’s DC office) and no comment (MHI’s office).  But off the record statements have come in from a variety of sources, including those close to both of the manufactured housing industry’s national associations, state association leaders and other professionals in the industry.

One neutral source said off the record, “I agree with each of Danny’s comments about HUD.  I disagree about lack of progress or losing ground.”

A source close to MHI said, we …”have much bigger battles to fight than engaging in a war of words with someone who hasn’t accomplished anything for our industry since the passage of (the) Manufactured Housing Improvement Act of 2000,” a reference to Danny Ghorbani, President at MHARR.

One MHARR source told us they agreed with every aspect of the MHARR release.

However, while some echoed that, other members in the MHARR camp are split on the release’s attack on MHI, and some related strategic and tactical issues. Some see the Darius “Danny” Ghorbani led group as acting properly, while others see MHARR’s president as being dead right on issues, but wrong on engagement methods with MHI, and often tactically mistaken in dealing with regulators.

Or as one MHARR member said when asked about the division in their ranks on tactics, timing and wording, “obviously, we are a varied group at MHARR.”

A veteran of DC and industry issues told MHProNews, “…note the wide-spread, bi-partisan support for the industry at the (Financial Services Committee) hearing. And, more importantly…such a broad and loud outcry (at the recent Financial Services Hearing with CFPB’s ) doesn’t happen organically, but as the result of a strategic (and) successful lobbying effort on behalf of…” state associations and MHI.

Indeed, in a video MHProNews plans to feature in the near term, 10 members of the committee raise concerns with Cordray, including the ranking Democrat, Maxine Waters (D-CA). Others included, Rep. Stephen Fincher (R-TN), Reps. Spencer Bachus (R-AL), Joyce Beatty (D-OH), Bill Clay (D-MO), Keith Ellison (D-MN), Greg Meeks (D-NY), Steve Pearce (R-NM) and Terri Sewell (D-AL).

“What is certain is that manufactured housing has not had this level of momentum on Capitol Hill in at least 6 years, if not longer.” another source told us.  “MHI and the aligned states (associations) have done a lot of good work, in a tough political environment.  Anyone who knows politics and lobbying knows that it takes time to get things done, especially when you don’t have tons of money to throw at lobbying. Danny’s (Ghorbani) disappointed that MHARR working with MHI for a year has not shown huge results? Excuse me? What can he point to of substance that he achieved in the last few years? Things are tough in DC! Danny’s timing looks short sighted, or worse, in the light of the facts and history.”

Will the MHARR release slow momentum in DC or on the Hill? “Unlikely.” said one when asked. “The states and MHI have some real traction at this point. Danny’s broadside won’t harm MHI, the states, perhaps not anyone but Danny himself. Some will be glad he did it, because they share Danny’s frustrations with HUD.  But is this the way to get real change done? There is a real difference of opinion within the ranks of MHARR, (whose members) often agree with Danny on policy and goals, but not always agree on his style or timing.”

MHProNews will monitor the topic, as sources aligned with MHARR tell us that a concerted ‘tag team’ effort to use the MHARR release will be made by a handful of disgruntled MHI members in the days ahead.

The full MHARR release – which sparked the comments above – is linked here. ##

(Editor’s Note: Remember, “We Provide, You Decide.” ©  Opinions on this topic or others of industry interest are welcomed and encouraged.)

(Image Danny Ghorbani smiles at the broadside by the USS Missouri at HUD’s logo. Image Credits: Wikicommons, HUD logo and MHProNews)

Boehlert promoted, Rick Robinson new GC at the Manufactured Housing Institute

November 21st, 2013 Comments off

rick-robinson-vice-president-government-affairs-general-counsel-manufactured-housing-institute-mhi3-posted-mhpronews-com-.pngArlington, VA. An announcement of the promotion for Jason Boehlert to Senior Vice President of Government Affairs at the Manufactured Housing Institute (MHI) will accompany the announced appointment of Rick Robinson as MHI Vice President of Government Affairs and General Counsel. Sources close to the Manufactured Housing Institute tell MHProNews that the formal announcement could come later today or tomorrow. The change is said to be geared towards ‘beefing up’ MHI’s efforts with regulators and on Capitol Hill. Updates and additional information will be available in the Corporate News Release and in the MHI news module. ##

(Photos of Rick Robinson, MHProNews)

Frank to Remain in Washington?

January 4th, 2013 1 comment

CNN Reports one day after officially ending his 32 years in the House of Representatives, Barney Frank may be returning to Capitol Hill to temporarily fill the Senate seat of John Kerry who will likely be appointed as President Obama’s Secretary of State. A long-time supporter of manufactured housing, Frank has asked Mass. Governor Deval Patrick to appoint him to the position because he wants to be involved in the discussion over raising the debt ceiling. “It’s only a three month period, I wouldn’t want to do anything more. I wouldn’t want to run again,” he said. As MHProNews knows, the other Mass. Senate seat is occupied by newly-elected Senator Elizabeth Warren, designer of the Consumer Financial Protection Bureau (CFPB).

(Photo credit: CNN/Getty Image)

Kelli B. Nelson, new MHI Director of Government Relations

October 1st, 2012 Comments off

Richard Jennison, President and CEO of the Manufactured Housing Institute (MHI) has announced the appointment of Kelli B. Nelson as the new Director of Government Relations. Her responsibilities will include promoting the manufactured housing agenda to Congress and the executive branch, as well as directing MHI policy and utilizing state association contacts with members of Congress in furthering MHI legislative priorities. Formerly a Senior Legislative Assistant/Financial Services Policy Advisor to Rep. Donald Manzullo (R-Ill), Ms. Nelson was staff member of the House Financial Services Committee, including the Subcommittee of Financial Institutions and Consumer Credit. Jennison said, “Her experience working on Capitol Hill, coupled with her working knowledge of the House Financial Services Committee, will add significantly to our legislative team and our effectiveness in advancing issues key to the manufactured housing industry.” MHProNews has learned Rep. Manzullo is co-chair of the House Manufacturing Caucus.

(Image credit: Manufactured Housing Institute)

NAHB Converges on Congress

June 7th, 2012 1 comment

The National Association of Home Builders showed up 700 strong on Capitol Hill Wed., June 6, 2012, to implore Congress to get the homebuilding industry back on track. Specifically, builders asked for the restoration of credit flow for new housing production; the reform of GSEs to ensure a federal backstop for credit; the preservation of current housing tax incentives; the relaxation of EPA’s enforcement of the lead paint rule; and the reduction of the overreach of the federal government under the Clean Water Act. NAHB Chairman Barry Rutenberg says, “In this pivotal election year, it is imperative to ensure that presidential and congressional candidates on both sides of the political aisle understand the importance of housing and homeownership.”

Photo credit: FotoSearch)

Cordray Ticks off Achievements to Ticked-off Senators

February 21st, 2012 Comments off

NationalMortgageNews tells MHProNews.com Richard Cordray, the recess-appointed head of the Consumer Financial Protection Bureau (CFPB), made his first appearance on Capitol Hill at a meeting with members of the Senate Banking Committee, some of whom want budget oversight and structural changes to the agency. Cordray says the CFPB is similar to other governmental and banking agencies, and then came out swinging with his list of accomplishments. The CFPB has received over 2,300 complaints regarding foreclosures and loan modifications since the first of the year. Accused companies responded to 88 percent of the complaints and in many cases provided relief. Cordray says in an effort to streamline financial regulations, the agency seeks opinions from both the consumer and the industry perspective. He says the CFPB is actively investigating several problematic mortgage servicing companies, and is filing lawsuits against companies that employ questionable lending and foreclosure practices.