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Highlights Of Consumer Financial Protection Bureau Director Kathleen Kraninger’s First Six Months, What’s Next?

June 12th, 2019 Comments off

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Retailers. Communities. Have you noticed how relatively quiet word from the Consumer Financial Protection Bureau (CFPB) has been in the past 6 months?

 

Yesterday, June 11, marked the first six months of Director Kathleen L. Kraninger taking the helm from acting director Mick Mulvaney. 

Mulvaney has since moved on to the role as acting chief of staff for President Donald J. Trump.

The federal agency is still enforcing laws, but is striving – per their statement below – to do so in a more thoughtful manner, where business has a better sense of what it can or can’t do.  That increased certainty should be good for business over the long haul. In the video interview that follows below, she makes it clear that protecting and educating consumers matters to her.

 

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Here is her most recent, perhaps first, mainstream news video interview on the topics that follow. By the way, this interview with Bloomberg – a left-of-center media outlet – exemplifies a balance that some may not realize can exist in the mainstream.  There are weaponized interviews, ‘fake news,’ and balanced reports.  This is arguably fair and balanced.

 

 

 

The CFPB news release to the Daily Business News on MHProNews will be followed with some additional details about the new director, plus manufactured home industry related material.

 

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WASHINGTON, D.C. – June 11th marks the first six months of Director Kathleen L. Kraninger leading the Consumer Financial Protection Bureau.

“It is an honor and privilege to serve American consumers. As Director, my focus is to prevent harm to consumers by using all the tools Congress gave us, including education, regulation, supervision and enforcement. I look forward to building on the efforts and progress of these first six months,” said Director Kraninger.

Under Director Kraninger’s leadership, the Bureau:

Educated consumers about financial products and money management

• Launched an initiative, Start Small, Save Up, to increase emergency savings among consumers;
• Expanded the Misadventures in Money Management financial education tool for active-duty servicemembers;
• Educated consumers about mortgage closing scams;
• Educated consumers on debt collection, including steps they can take to resolve a debt, telling the difference between a legitimate debt collector and scammer, and top debt collection questions answered;
• Performed an extensive analysis and report on what suspicious activity reports reveal about elder financial exploitation;
• Provided technical assistance to VITA (Volunteers in Tax Assistance) sites in how to support the people who they serve in making choices about saving part of the tax refund;
• Issued a set of reports for use by state and local leaders working to set up child savings programs;
• Released an education page on financial preparedness for a disaster;
• Received and handled 170,000 consumer complaints;
• Released a financial well-being practitioner toolkit for use by financial educators;
• Provided consumers a list with contact information on specialty credit reporting companies;
• Educated servicemembers and other consumers on new credit freeze protections, jointly with the FTC;
• Released an action booklet on building and managing credit for consumers as part of the Your Money, Your Goals;
• Continued to provide the Your Money, Your Goals guide to service providers to use as they inform individuals transitioning from incarceration on financial information and tools to manage their financial lives;
• Released two snapshots focused on mortgage and servicemembers complaints;
• Facilitated the training of over 1,700 social services staff with information and action steps in money management that they can share with the people who they serve; and
• Reached 25 million publications distributed and 25 million hits on its web service, AskCFPB, over the life of these services.

“Congress charged the Bureau with conducting financial education programs and ensuring consumers receive timely and understandable information to make responsible decisions about financial transactions. We will continue to look for ways to release innovative financial education tools and partner with public and private sector entities engaged in consumer financial education to maximize the reach of these tools,” said Director Kraninger.

Examined to Promote Compliance and Enforced the Law

• Took action against one of the 10 largest HMDA reporters for violating HMDA and Regulation C;
• Took action against a mortgage servicer for violating the Consumer Financial Protection Act; RESPA; Regulation X; the Truth in Lending Act; and Regulation Z;
• Filed a law suit against a debt collection firm for violating the Consumer Financial Protection Act and the Fair Debt Collection Practices Act;
• Filed a law suit against a credit repair company and several related entities alleging that they violated the Consumer Financial Protection Act and also the Telemarketing Sales Rule;
• Took action against a student loan servicing company that engaged in unfair practices that violated the Consumer Financial Protection Act;
• Took action against a company that violated the Consumer Financial Protection Act; the Gramm-Leach-Bliley Act; Regulation P; the Truth in Lending Act; and Regulation Z;
• Took action against an online lender that extends unsecured payday and installment loans for violating the Consumer Financial Protection Act;
• Took action against an individual who brokered contracts offering high-interest credit to veterans for violating the Consumer Financial Protection Act;
• Took action against a company for violating the Consumer Financial Protection Act, the Truth in Lending Act; and Regulation Z;
• Took action against a federally chartered savings association for violating the Consumer Financial Protection Act; the Electronic Fund Transfer Act; and Regulation E;
• Sought to enhance protections for servicemembers;
• Secured over $12 million in redress for consumers and $22 million in Civil Money Penalties; and
• Announced changes to policies regarding Civil Investigative Demands (CIDs) to ensure they provide more information about the potentially wrongful conduct under investigation.

“Enforcement is an essential tool Congress gave the Bureau – particularly because education, rulemaking, and supervision will not prevent every violation. We will use enforcement against bad actors who don’t comply with the law. Ensuring that justice is served in the public interest – that is our goal in using the enforcement tool. Further, a purposeful enforcement regime can foster compliance, help prevent consumer harm, and right wrongs,” said Director Kraninger.

Modernized, clarified, and reduced burden of rules

• Issued the first proposed rulemaking to implement the requirements and prohibitions applicable to debt collectors under the Fair Debt Collection Practices Act since it was passed in 1977;
• Became a coordinating member of the Global Financial Innovation Network (GFIN), a world-wide effort to promote financial innovation that benefits consumers;
• Published a request for information concerning the need for and scope of exceptions under the Remittances Rule;
• Issued an Advance Notice of Proposed Rulemaking to commence developing proposed regulations addressing PACE financing, a relatively new form of financing of home improvements for environmental purposes;
• Issued new written guidance to clarify the TRID Rule and thereby promote mortgage firms’ compliance with the rule;
• Issued new standards the agency will use to meet its obligations under Section 610 of the Regulatory Flexibility Act to conduct reviews of certain rules to evaluate their burden on small businesses;
• Issued comprehensive assessment reports evaluating the effectiveness of the ATR-QM and Mortgage Servicing (Regulation X) Rules to comply with Section 1022 of the Dodd-Frank Act;
• Published proposed rules to delay implementation of and to reconsider the Mandatory Underwriting Provisions of the small dollar rule;
• Published proposed rules to reconsider the mortgage reporting thresholds in the 2015 HMDA Rule and published an advance notice of proposed rulemaking to obtain information to assist in the development of proposed rules to reconsider data points in the 2015 HMDA Rule.
• Issued final policy guidance explaining how the Bureau will modify publicly disclosed HMDA data to protect the privacy of consumers; and
• Commenced implementation of measures to streamline and improve the Bureau’s rulemaking process, such as providing materials to the public that are easier to understand, receiving more feedback from small businesses on proposals, planning to release SBREFA panel reports earlier in the process, maximizing public engagement by generally using a 90 day comment period for complex proposals, and posting all comments submitted in rulemakings to the public docket.

“I am committed to improving the Bureau’s rulemaking process as it will lead to better policy outcomes,” said Director Kraninger. “Improving the rulemaking process will ensure we have clear rules of the road that protect consumers and more effectively execute the Bureau’s mission. This process will increase transparency, public engagement, and thorough, data-driven analysis. To further improve our regulatory process we are developing a way to obtain input from state and local officials, as well as an initiative to ensure that outdated, unnecessary, or unduly burdensome regulations are identified and addressed.”

During her first six months, Director Kraninger has also visited all of the Bureau’s regional offices throughout the country and engaged with regional staff, as well as participated in an on-site exam. In this time, Director Kraninger has engaged with over 600 consumer groups, consumers, state and local government officials, military personnel, financial institutions, academics, non-profits, and former and current Bureau advisors, and traveled to 10 states. Lastly, Director Kraninger announced enhancements to the Bureau’s advisory committees and announced a symposia series aimed at stimulating a proactive and transparent dialogue in the policy development process.

The Consumer Financial Protection Bureau is a 21st century agency that helps consumer finance markets work by regularly identifying and addressing outdated, unnecessary, or unduly burdensome regulations, by making rules more effective, by consistently enforcing federal consumer financial law, and by empowering consumers to take more control over their economic lives.

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KatherineKathyKraningerDirectorConsumerFinancialProtectionBureauWashingtonDCLinkedInProlifeDailyBusinessNewsManufacturedHousingMHProNews

 

When manufactured housing professionals think of the CFPB, a common thought is about the Preserving Access to Manufactured Housing Act.  A fresh, deep review of that can be accessed via the hot-linked text-image box below.  Note that the following covers a timeframe prior to the new director, thus, is no reflection on her either way.

 

Rope-a-Dope – Preserving Access to Manufactured Housing Act, Mom, Dad, & You

What’s next at the CFPB?  That will depend in good measure on what occurs on Election Day, 2020, and the runup to that event.  Stay tuned.

That’s this hump day morning’s first installment of News Through the Lens of Manufactured Homes, and Factory-Built Housing,” © where “We Provide, You Decide.” © ## (News, analysis, and commentary.)

 

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SoheylaKovachDailyBusinessNewsMHProNewsMHLivingNewsSubmitted by Soheyla Kovach to the Daily Business News for MHProNews.com. Soheyla is a managing member of LifeStyle Factory Homes, LLC, the parent company to MHProNews, and MHLivingNews.com.

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In a series of direct quotes in context, a document from 21st Mortgage signed by Tim Williams, and video recorded comments by Kevin Clayton, these all line up to demonstrate how independent retailers, communities, and producers – among others – where purportedly harmed by action that could be deemed an antitrust violation.  https://www.manufacturedhomelivingnews.com/bridging-gap-affordable-housing-solution-yields-higher-pay-more-wealth-but-corrupt-rigged-billionaires-moat-is-barrier/

 

CFPB’s Richard Corday “will be leaving” Says Treasury Secretary Steve Mnuchin

October 17th, 2017 Comments off

SecretaryTreasuryStevenMnuchinYouTubeDailyBusinessNewsMHProNewsConsumer Financial Protection Bureau (CFPB) Director Richard Corday “will be leaving either way,” says Treasury Secretary Steven Mnuchin, to Bret Baier on Fox News’ Special Report tonight.

As part of a broader discussion, Baier asked Mnuchin about the future of the CFPB, and that of its director.

Mnuchin sees a possible future for the CFPB, but suggested the Trump Administration will be seeking changes. 

But Mnuchin said whether Corday leaves to run for the Governor of Ohio or not, his term at CFPB is up next year.

At that point, Corday will be gone, Mnuchin said with a tone of finality.

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What will mean for the long, approaching 6 year saga of Preserving Access?  Stay tuned. ## (News, analysis, commentary.)

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Drew’s Q2 – Dividends and Insider Trading

August 10th, 2016 Comments off
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Credit, Drew Industries.

Elkhart, Indiana based Drew Industries (NYSE:DW), a leading supplier of RV and manufactured housing industries components, has announced their second quarter results. According to their August 9th, 2016 SEC filing by Chief Financial Office (CFO) David Smith, their Board of Directors approved a regular quarterly cash dividend of $0.30 per share of common stock, payable on September 2, 2016, to stockholders of record at the close of business on August 19, 2016.

MHProNews has also learned from CerbatGem that Drew Director David A. Reed sold 2,500 shares of the firm’s stock on Monday, August 8th. The stock was sold at an average price of $96.39, for a total value of $240,975.00.

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Leigh J. Abrams, Drew Industries.

FIDaily told the Daily Business News that Mr. Leigh J. Abrams, Director disclosed the sale of 10,000 shares of DW stock. The shares were purchased at an average price of $96.43. Abrams now owns $6,317,708 of the stock per the Form 4 SEC filing.

On August 9, Brian Michael Hall, Corporate Controller disclosed the sale of 687 shares of (DW). The shares were sold on June 8th for an average price of $80.68. The Corporate Controller now owns $161,360 of the stock, according to the SEC filing.

On August 8, Director John B. Jr Lowe disclosed the sale of 10,687 shares. The shares were purchased at an average price of $77.38. Lowe now owns $1,925,369 of the stock per the Form 4 SEC filing.

The company is worth $2.45 Billion, and is classified as low risk with multiple segments of profit generation. Zacks Investment Research stated,

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Credit, MarketWatch.

Drew Industries Incorporated has two reportable operating segments, the manufactured housing products segment and the recreational vehicle products segment. Several of the Company’s customers produce both manufactured homes and recreational vehicles, and the Company supplies products having similar characteristics for use in both these lines of business.”

Highlights from Drew include:

  • Revenues of USD 440.83 million, Net Earnings of USD 37.57 million.
  • Gross margins widened from 22.66% to 26.52% compared to the same period last year, operating (EBITDA) margins now 16.02% from 12.15%.

The Daily Business News market tracker shows DW at $97.14 up 0.95 on Aug 10, 2016 intraday trading.  Drew is one of the manufactured home industry connected stocks reported each business day on MHProNews, with yesterday’s closing numbers linked here.

Continued growth in both the RV and manufactured housing sectors makes the outlook for suppliers like Drew bright. The Manufactured Housing Association for Regulatory Reform (MHARR) reported that new HUD Code manufactured home shipments rose 20% in June, 2016, click here for more details.

Drew’s Q2 report can be download here. ##

(Image credit, Drew Industries (DW) logo.)

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Frank Griffin, Daily Business News, MHProNews.

Submitted by Frank Griffin to Daily Business News, MHProNews.com.

Deer Valley – Manufactured and Modular Homebuilder – CEO Retires

January 7th, 2015 Comments off

deer-valley-homebuilders-corp=credit-manufactured-home-posted-daily-business-news-mhpronews-Deer Valley Corporation (DVLY) Guin, Alabama, on January 6 announced on the retirement of Charles G. Masters, the Company’s Chief Executive Officer and President, effective December 31, 2014.

Yahoo! Finance tells MHProNews the Company does not presently intend to hire a replacement for Masters.

In January 2006, he led an investment group that acquired Deer Valley Homebuilders, Inc., from its founders and then was merged with a public entity. The consolidated company was subsequently renamed Deer Valley Corporation.

In response to the negative effect of the credit crisis in 2009, Masters led the company to establish Deer Valley Financial Corp. to provide financing for the company’s retailers.

Later, this service was expanded to include bridge financing for certain retail manufactured housing buyers.

Masters led his company through some unsettling times, but always believed in its success. “The factory built housing industry has been a major factor in providing affordable housing to average Americans with modest incomes or special housing needs,” he said. “In the last several years, the industry has been severely challenged by our nation’s credit crisis and high unemployment. Nevertheless, this is an industry filled with success stories of individuals or groups of individuals who have pooled resources and with honest effort, intense dedication and personal integrity built great companies. The men and women who have built Deer Valley are outstanding examples of such individuals. It has been my privilege to work alongside them for the past nine years as we have endeavored to build a company that would make a positive impact in an industry where the products truly are ‘Made in America.”

Google Finance lists the following as other key officers of Deer Valley:

John Steven Lawler – CFO, Executive Vice President, Director; Chief Financial Officer, Secretary and Treasurer of Deer Valley Homebuilders, Inc..

Joel Stephen Logan II – Chief Operating Officer, Director; President and Director of Deer Valley Homebuilders, Inc, Director.

Charles (“Chet”) L. Murphree Jr. – Vice President, General Manager of Deer Valley Homebuilders Inc; Director. ##

(Photo Credit: Deer Valley Corp.)

sandra-lane-daily-business-news-mhpronews-com-75x75-Article submitted by Sandra Lane to Industry in Focus, MHProNews. 

Allegations of Flooded, Fixed, Flipped ‘Mobile Homes’ hit state, international news

August 29th, 2014 Comments off

9wants-to-know-still=credit-posed-daily-business-news-mhpronews-com-The City of Federal Heights is changing building inspection rules in response to a televised investigation in a manufactured home community by 9Wants to Know, exposing safety concerns when flooded “mobile homes are resold to unsuspecting families,” NassauNewsLives tells MHProNews.

Hundreds of flood damaged homes were sold rather than scraped. Those damaged units were fixed in a fashion the media says covered up problems, rather than repairing and replacing building materials subject to mold, electrical or other safety and health concerns.

It [the flood] took the mobile homes off the cement blocks and twisted and turned them sideways, and when that happens, the structural integrity of the home is damaged beyond repair,” said Evans Economic Development Director Sheryl Trent. “In every case, we found it was not safe to occupy.”

Colorado law doesn’t prevent investors from buying condemned manufactured or mobile homes and reselling, so long as the home condition is properly disclosed. Pat Coyle, director of the Colorado Division of Housing said failure to disclose a previously flooded condition is fraud.

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Coyle sent a letter to all manufactured housing installers – as well as to municipal and county building inspectors – warning that it’s considered fraud and a violation of the Consumer Protection Act if a seller “knowingly fails to identify” the facts about a flood damaged home. 

A Plug in may be needed on your computer to see this video.

The management company that owns the community where this practice has allegedly been taking place is Utah-based, and has some 40 other MHCs they operate.  NassauNewsLive states the management firm didn’t return calls. ##

(Editor’s Note 1: This is an example of a recent Masthead commentary on the high cost to the industry’s image such incidents represents, see: MHDeath and Disaster, the Other Image Campaign In the case of the story above, the media is urging those allegedly victimized to contact the state attorney general.  The legal costs alone could outweigh any short term profits, not to mention the economic damage to a firm’s or the industry’s reputation.)

(Editors’ Note2: Both of the news agencies in the report above used improper industry terminology, which is why MHProNews  developed this fact sheet for reporters in our media center. Industry professionals are advised to send a link to this page every time a news agency uses the wrong terminology.)

(Still images and video credits: 9Wants to Know)

North Dakota Oil Boom Drawing Midwest MH Producers

December 15th, 2011 Comments off

Following up on a story we published Nov. 14, 2011, OmahaWorld-Telegram reports the oil boom in North Dakota continues to have positive repercussions for area MH producers. The York, Nebraska, Champion Home Builders plant has doubled its production staff since summer to 150, and intends to hire another 50 early next year. Champion General Manager Tom Tyree says, “It’s kind of like the good old days in the industry. Instead of buying one at a time and taking forever to get stuff done, they’re buying 20 at a time — or more.” Martin Huff, Executive Director of the Nebraska Manufactured Housing Association, says the producers in Nebraska are flourishing because in the immediate area, South Dakota has one manufacturer, and Minnesota and Montana only have a handful. Chief Custom Homes in Aurora, NE and Heritage Homes in Wayne, NE expect to add 30-50 percent more workers soon. Bering, NE-based Magnolia Homes sent a salesman to Dickinson, ND and he had to stay in a hotel 50 miles away. The population of Tioga, ND will expand from 1,300 to 5,000 once the two “man-camp” compounds are completed. As the need for more housing continues, Chief Custom Homes national sales manager Scott Fletcher expects MH producers from farther away to get a piece of the action. Some workers in Williston are currently living in tents in campgrounds, and RVs in parking lots.
Photo credit: Jeff Beiermann/TheWorldTelegram)

Prefab Steel House Slated to be Shined

November 8th, 2011 Comments off

ConnecticutCollege reports its steel prefabricated house in New London, CT, manufactured by General Houses, Inc., of Chicago will be disassembled and shipped to Milner + Carr in Philadelphia, where each panel will be cleaned and restored. Built in 1933 for Winslow Ames, founding director of the New London Lyman Allyn Art Museum, it was gifted to the school in 1949, and occupied as faculty housing until 2004. With grants from the state and private sources, the panels will be made rust resistant, and the building will be reassembled in the spring on campus and used for student-centered activities relating to sustainability and the environment. Another prefabricated house on campus was restored in 1990. The steel house is a very early example of modern architecture in the United States,” said Abigail Van Slyck, associate dean of the faculty and the Dayton Professor of Art History at Connecticut College. “These houses are rare, and this restoration project will ensure that we don’t lose this important piece of American history. Both of the College’s prefabricated houses were built to be single family homes, and they have very small footprints,” Van Slyck said. “They can serve as inspiration for green living.”

(Photo credit: Connecticut College)

 

Debunking the ‘Un-healthy’ Myth of Factory Built Housing; superiority of systems building

November 1st, 2011 Comments off

modular_homes_collage from_Debunking_the_Myth_Healthy_Housing_Conference posted on MHProNews.comMHProNews has learned that the presentations made at the 2011 Healthy Homes Conference have become available, including “Debunking the “Un-healthy” Myth of Factory Built Housing and Its Use as a Superior Healthy Building Alternative” by Michelle Roberts & Rick Terry. The conference was supported by various agencies, including the Department of Housing and Urban Development (HUD), the Environmental Protection Agency (EPA), United States Department of Agriculture (USDA) and the Center for Disease Control (CDC). The conference website featured a quote by Florence Nightingale that captured part of the objectives, “The connection between the health and the dwelling of the population is one of the most important that exists.” Presenter Michelle Roberts is Director at the NAHB Research Center and Business Development Leader, Healthy and Energy Efficient Homes and Buildings for Owens Corning. Roberts has consulted with the modular housing industry for some years. Presenter Frederick “Rick” Terry background in the modular housing industry began as part of a family manufacturing business, positioning him as the first director of the Factory Built Housing Center (FBHC) at Penn College in 2004. Terry is Program Manager for FBHC Industry Partnership. Topics covered included a history of how factory building developed in the early 1900s with component catalog homes from Sears and Roebuck, to pre-HUD Code manufactured homes, to modern manufactured and modular home construction. Indoor Air Quality, green construction methods and much more were covered by Terry and Roberts in their pro-systems built housing presentation.

(photo credit: Debunking the Myth power point)