Archive

Posts Tagged ‘Death’

Death to Dodd-Frank: Good News for SME’s

March 14th, 2017 Comments off
DeathtoDoddFrankGoodNewsforSMEscreditTheConservativeTreehouse-postedtothedailybusinessnewsmhpronewsmhlivingnews

President Trump with community bank leaders. Credit: The Conservative Treehouse.

In a recent meeting with community bankers from around the country, President Donald Trump said that reducing Dodd-Frank regulations would benefit Small and Medium Enterprises (SMEs) that are struggling to get access to financing.

According to Pymnts, in the March 9th meeting, which also included National Economic Council Director Gary Cohn and Treasury Secretary Steve Mnuchin, President Trump said that community banks are critical to the economic health of their communities and to providing small businesses with access to capital.

Nearly half of all private-sector workers are employed by small businesses,” said President Trump.

We must ensure access to capital to small businesses and for small businesses to grow. Community banks are the backbone of small business in America. But community banks, and subsequently their SME customers, are struggling to comply with the complex regulations of Dodd-Frank.

During the 45 minute session, bankers in attendance said that they discussed the role community banks play in rural areas and provided real-world examples about the difficulties smaller banking institutions face.

DeathtoDoddFrankGoodNewsforSMEscreditCapeCodTimes-postedtothedailybusinessnewsmhpronewsmhlivingnews

Credit: Cape Cod Times.

A key theme of the meeting was the need for “tailored regulations,” as the one-size-fits-all style of Dodd-Frank regulation puts smaller banks in a position where it potentially costs more to lend money due to unnecessary compliance.

We were very focused, our message on how do we create a tiered and proportionate regulatory environment for community banks,” said Rebeca Romero Rainey, head of Centinel Bank of Taos in New Mexico.

We emphasized tailoring regulations to fit the size and complexity of banks,” said Jeffrey Szyperski, chairman and CEO of Chesapeake Financial Shares Inc.

The ICBA, an industry group also in attendance, has advocated for a tiered system of regulations that tailor regulations to a bank’s size, business model, complexity and risk.

The White House agrees.

The type of regulation you need for a $700 million bank and the risks they present are very different than those for a $200 million bank or a $1 trillion bank,” the White House said in a statement before the meeting.

The discussion also covered the costs of compliance with Consumer Financial Protection Bureau (CFPB), which, according to Reuters, “was a particular pain point focused on by the meeting’s participants.

ProposedDeathBlowtoCFPBPutForwardcreditMortgageCompliaceMagazine-postedtothedailybusinessnewsmhpronewsmhlivingnews

Credit: Mortgage Compliance Magazine.

The activity of the CFPB is of particular interest to Daily Business News readers, as the organization has been in the crosshairs of President Trump and Republicans, who have proposed Death Blows to the organization via legislation.

ProposedDeathBlowtoCFPBPutForwardcreditWashintonExaminerTedCruz-postedtothedailybusinessnewsmhpronewsmhlivingnews

Sen. Ted Cruz. Credit: Washington Examiner.

Speaking on the pair of bills (S. 370 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.

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.

CFPB Director Richard Cordray has also been in the crosshairs of the Trump administration, but has maintained that he plans to stay put.

These national developments mirror and dovetail with comments made by a local credit union that has become in involved in manufactured home lending.

The Best Ever?

Moves such as his meeting with community banks has business leaders, and many in the manufactured housing industry, excited about the potential for President Trump’s administration.

 

This guy has got guts,” said Ken Langone, co-founder of Home Depot on CNBC’s Squawk Box this week.

And he’s got great people around him. Trump has the potential to go down as one of our greatest presidents ever.

MHARRPresidentTrumpsActionsOfferMajorOpportunityforMHIndustryandConsumerscreditWikipediaMHARR-postedtothedailybusinessnewsmhpronewsmhlivingnews

Credit: MHARR, Wikipedia.

In a recent commentary, The Manufactured Housing Association for Regulatory Reform (MHARR) told MHProNews that Executive Orders issued by President Trump within the past forty-five days provide an unprecedented opportunity for the federally-regulated manufactured housing industry and American consumers who rely upon manufactured homes.M.Mark.WeissJDPresidentCEOMHARRManufacturedHousingAssociationforRegulatorReform-creditManufacturedHousingIndustryDailyBusinessNewsMHProNews

The stance of the Trump Administration on the needless regulatory burdens confronting America’s small businesses is a godsend for the manufactured housing industry and the mostly lower and moderate-income Americans who rely on its homes for affordable, non-subsidized housing,” said MHARR President and CEO, Mark Weiss.

With these new policies, the industry and consumers have an unprecedented opportunity to achieve and cement in place the major program reforms mandated by Congress in the 2000 reform law. While MHARR intends to aggressively pursue this opportunity, it cannot be the only industry organization seeking fundamental change to put the federal program back on track.”

The full statement from MHARR is linked here. For more on Dodd-Frank, the CFPB and its 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.

Proposed Death Blows to CFPB Put Forward

February 15th, 2017 Comments off
ProposedDeathBlowtoCFPBPutForwardcreditMortgageCompliaceMagazine-postedtothedailybusinessnewsmhpronewsmhlivingnews

Credit: Mortgage Compliance Magazine.

Senator Ted Cruz (R-TX) and Rep. John Ratcliffe (R-TX) put forth legislation on Tuesday to abolish the Consumer Financial Protection Bureau (CFPB).

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.

The pair of bills (S. 370 and H.R. 1031) would help advance Republicans’ broader Dodd-Frank reform efforts by tackling Title X of the law.

ProposedDeathBlowtoCFPBPutForwardcreditWikipediaJohnRatcliffe-postedtothedailybusinessnewsmhpronewsmhlivingnews

Rep. John Ratcliffe. Credit: Wikipedia.

The CFPB’s lack of accountability to the American people was quickly evidenced when – contrary to its name – it ended up hurting many of the very folks it was intended to help. While Sen. Cruz and I have been sounding the alarm on the CFPB’s federal overreach for some time now, I’m optimistic at our renewed chances of advancing this effort with a willing partner in the White House,” said Ratcliffe.

ProposedDeathBlowtoCFPBPutForwardcreditWashintonExaminerTedCruz-postedtothedailybusinessnewsmhpronewsmhlivingnews

Sen. Ted Cruz. Credit: Washington Examiner.

Don’t let the name fool you, the Consumer Financial Protection Bureau does little to protect consumers. During the Obama administration, the CFPB grew in power and magnitude without any accountability to Congress and the people, and I am encouraged by the actions President Trump has begun to take to roll back the harmful impacts of an out-of-control bureaucracy,” said Cruz.

In addition to the legislation from Cruz and Ratcliffe, Sen. Mike Rounds, (R-S.D.) introduced legislation that would, according to his office, “dismantle” the agency by denying it funding through the Federal Reserve, and preventing it from keeping any fines it collects from businesses.

A product of the ill-advised Dodd-Frank Reform Act, the CFPB is an unaccountable regulatory agency ran by unelected bureaucrats with no oversight from Congress,” said Rounds.

ProposedDeathBlowtoCFPBPutForwardcreditWikipediaMikeRounds-postedtothedailybusinessnewsmhpronewsmhlivingnews

Sen. Mike Rounds. Credit: Wikipedia.

No unchecked federal agency should have the power to dramatically alter the financial choices of consumers through the rules it promulgates. Dismantling the CFPB is but one step we can take to ease the regulatory burdens of Dodd-Frank, the cost of which continues to be handed down to American families. I look forward to working with my colleagues to roll back the CFPB’s power and prevent the agency from imposing any further harmful regulations.”

As Daily Business News readers are aware, the CFPB and Director Richard Cordray have been in the crosshairs of the Trump administration.

Even so, Cordray maintains that he plans to stay put.

 

According to the Washington Examiner, in a recent Wall Street Journal op-ed, House Financial Services Committee Chairman Jeb Hensarling, (R-TX), said, “It would not be possible to overcome a Democratic filibuster to abolish the bureau. Instead, the agency could functionally be terminated through a roundabout legislative process using a budget tool that provides for passing legislation with a simple majority in the Senate.

The bill introduced by Cruz and Ratcliffe is linked here.

The bill introduced by Rounds is linked 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.