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Cordray Defiant, Says Trump Won’t Change Agency

January 28th, 2017 Comments off
CordrayDefiantSaysTrumpWon’tChangeAgencycreditLATimes-postedtothedailybusinessnewsmhpronewsmhlivingnews

Richard Cordray walks into a Treasury hearing. Credit: LA Times.

Consumer Financial Protection Bureau (CFPB) Director Richard Cordray has finally spoken in the wake of President Trump’s inauguration, per the LA Times.

And he’s not pulling any punches.

The new administration really shouldn’t change the job at all,” said Cordray at a forum held by the Wall Street Journal.

 

We’re expected to work with different administrations of different points of view. We have … an independent mandate to do what we do and we will continue working to protect consumers.

Cordray has said in the past that he has no intention of stepping down. His term ends in 2018.

As Daily Business News readers are aware, the Trump Administration has sent clear signals that Dodd-Frank is in the crosshairs for parts of the legislation to be rolled back, or repealed.

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A tweet from Senator Bob Sasse.

After the election, Republican Senators Bob Sasse (Neb.) and Mike Lee (Utah) penned a strongly worded letter to then Vice President-elect Mike Pence, urging then President-elect Donald Trump to remove Cordray.

It’s time to fire King Richard,” said Sasse.

Underneath the CFPB’s Orwellian acronym is an attack on the American idea that the people who write our laws are accountable to the American people. President-elect Trump has the authority to remove Mr. Cordray and that’s exactly what the American people deserve.”

The Daily Business News has also followed the CFPB saga closely, including their involvement in the Wells Fargo case and a D.C. circuit court ruling that deemed the organization unconstitutional due to it’s lack of independent oversight.

Senator Mike Lee touched on the importance of the unconstitutional ruling.

The Constitution was written to protect the American people from unelected and unaccountable bureaucrats, said Lee.

Considering the damage CFPB has done to credit unions and community banks, President Trump should act quickly to remove the director.

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Credit: CSPAN2.

Within a week of the letter from Sasse and Lee, Democrats came to Cordray’s defense.

Do not tell Richard Cordray he’s fired,” said Senator Chuck Schumer (NY).

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Senator Sherrod Brown. Official photo.

Firing Cordray might be part of the billionaire agenda, but removing him and gutting the consumer bureau would shatter Trump’s promise,” said Senator Sherrod Brown (OH), who is the ranking Democrat on the Senate Banking Committee.

Senators Schumer and Brown have now been joined by Rep. Maxine Waters (D-Los Angeles) and 37 other members of the Congressional Black Caucus in the effort stop action on Cordray.

In a letter to President Trump on Tuesday, they wrote that they “would strongly oppose” any attempt to remove Cordray and “would view such an action as an illegitimate abuse of power.

Director Cordray has done nothing to give the necessary cause for his removal from office,” wrote the lawmakers.

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Representative Maxine Waters. Credit: Wikipedia

Communities of color and, indeed, all consumers in America will benefit from having director Cordray remain in his position and continue to independently implement the mandates imposed upon him by Congress as the director of the CFPB.

While the CFPB is credited with taking actions to protect consumers, most notably in the Wells Fargo case, those who have followed the history of the CFPB understand that the CFPB was not the lead agency in the case and during the time the events took place in 2011, the CFPB charter basically only allowed it to police the activity of big banks.

It did not catch the Wells Fargo activity at that time.

 

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Parody of CFPB logo – credit, Plus 1 Properties. Cartoon credit, MHProNews.

Cordray also commented about whether he would fight an attempt by Trump to fire him.

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MHProNews Sponsor, for more information, click the banner above.

I was nominated and then confirmed by the Senate to serve a term,” said Cordray.

All the independent federal regulatory agencies have terms that overlap one administration or another. That’s meant to preserve their independence.

That’s important because without the independence you end up mired in partisan politics, the big-money special interests … will try to dictate results.

For a deep dive into the CFPB, Dodd-Frank and their adverse effects on the manufactured housing industry, click here. ##

 

(Image credits are as shown above.)

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RC Williams, for Daily Business News, MHProNews.

RC Williams, for Daily Business News, MHProNews.

Trump’s Regulation Cuts Could Have Major Impact on MH

January 23rd, 2017 Comments off
TrumpsRegulationCutsCouldHaveMajorImpactonMHcreditAmericaEnterpriseInstitute-postedtothedailybusinessnewsmhpronewsmhlivingnews

Credit: American Enterprise Institute.

Throughout the 2016 presidential campaign, Donald Trump was very clear on one thing he wanted to change – regulations.

President Trump talked about the Obama-era financial regulations, including Dodd-Frank, as “bad for business” and responsible for the nation’s slow growing economy.

 

For many, the President’s anti-regulatory stance is a welcome breath of fresh air.

According to Business Insider, the financial services industry is particularly excited, seeing the Trump victory as an early Christmas present.

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Octavio Marenzi. Credit: Optimas.

This isn’t going to necessarily translate into a golden age for banks, but it will be a normalization of the business environment. They’ve been battered by regulations and now we are finally going to see a more healthy environment,” said Octavio Marenzi, CEO of Opimas, a management consultancy firm focused on capital markets.

Our analysis shows that efforts to deregulate could redirect more than $25 billion in capital in the financial services industry over the course of the next 18-24 months,” said Opimas co-founder Medy Agami.

Areas in the analysis by Opimas that are of particular interest to the manufacture housing industry:

  • The roll back of Dodd-Frank and the elimination of the Consumer Financial Protection Bureau (CFPB).
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Credit: Plus 1 Properties, MHProNews.

The elimination of or serious reduction in CFPB regulations will mean a potential savings of nearly $1.4 billion for banks,” said Marenzi.

Additionally, Treasury Secretary nominee Steven Mnuchin has said that the new administration plans to “strip back parts of Dodd-Frank that prevent banks from lending.

As Daily Business News readers are aware, Republican Senators Bob Sasse (NE) and Mike Lee (UT) have called for the removal of CFPB director Richard Cordray, and Democratic lawmakers have called on the Trump Administration to keep Cordray and the agency in tact as is.

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Credit: Wikipedia, CFPB, HubPages.

A D.C. circuit court ruled last year that the CFPB was unconstitutional.

  • Repeal of the “Volcker Rule”

Enacted in 2013, the rule was designed to prevent future financial crises. Agami and Marenzi believe that the rule is the easiest to roll back, because all the President would essentially need to do is tell regulators to stop enforcing it.

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Medy Agami. Credit: Optimas.

The implications will be significant for large investment banks since dropping the rule would generate additional revenue and profitability streams,” said Agami.

There is also significant evidence that repealing The Volcker Rule will increase liquidity in various asset classes—fixed income, equities, commodities, foreign government debt, etc.—by enabling dealers to hold inventory that has long-term demand from clients that would otherwise not be allowed,” said Marenzi.

  • Reductions in capital and liquidity requirements
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A Clayton home in Chino Valley. Credit: Clayton Homes.

Originally put in place to prevent risky lending by financial institutions, Marenzi and Agami see significant reductions in the requirements freeing up money hoarded by banks.

It will free up nearly $20 billion in unproductive capital over the next 18-24 months that banks are hoarding and could redirect to other areas,” they said.

These regulations will be the most difficult to scale back since they are globally implemented and compelled banks to build myriad models and retain armies of risk and compliance teams.

Movement in these areas, combined with incoming Secretary of Housing and Urban Development (HUD) Dr. Ben Carson, could bode very well for the manufactured housing industry as regulations decrease and capital flows improve.

For more on Dodd-Frank, the CFPB and their 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.

Dem Senators Scramble to Save CFPB’s Cordray

January 18th, 2017 Comments off
IDontThinkThereWasEverMuchHighCostLendingInTheManufacturedHousingMarket-stillcreditCSPAN2--RichardCordrayCFPBdirector-Posted-MHLivingNews-com-

Still from an Inside MH video, reflecting how Richard Cordray himself said that there was never much high cost lending in the manufactured housing industry market.

Richard Cordray, Director of the Consumer Financial Protection Bureau (CFPB) is getting some help from Senate Democrats to save his job.

As the Daily Business News reported recently, Republican Senators Mike Lee (UT) and Bob Sasse (NE) sent a letter to Vice President-elect Mike Pence and President-elect Donald Trump, urging them to remove Cordray.

It’s time to fire King Richard,” said Sasse, who also serves as a member of the Senate Banking Committee.

GOPSenatorstoPresidentelectTrumpFireCFPBHeadRichardCordraycreditTwitter-postedtothedailybusinessnewsmhpronewsmhlivingnews

A tweet from Senator Bob Sasse.

Underneath the CFPB’s Orwellian acronym is an attack on the American idea that the people who write our laws are accountable to the American people. President-elect Trump has the authority to remove Mr. Cordray and that’s exactly what the American people deserve.

According to The Hill, Senate Democrats are asking Trump to do the opposite.

Senate Minority Leader Charles Schumer (N.Y.) and Senators Sherrod Brown (OH) and Elizabeth Warren (Mass.) defended CFPB Director Richard Cordray’s record, saying he should be allowed to finish his term as the bureau’s chief through July 2018.

They say removing Cordray would be an “extreme and unprecedented step.

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Senators Chuck Schumner (right) and Harry Reid. Credit: Politico.

Do not tell Richard Cordray he’s fired,” said Schumer.

Firing Cordray might be part of the billionaire agenda, but removing him and gutting the consumer bureau would shatter Trump’s promise,” said Brown, who is the ranking Democrat on the Senate Banking Committee.

Schumer, Brown and Warren also said they would help lead a national campaign to defend Cordray should Trump decide to fire him.

The CFPB was established as part of the Dodd-Frank Act as an independent agency. This technically means that President-elect Trump could only fire Cordray “for cause,” a rare step meant for serious abuses of power.

A U.S. Court of Appeals recently ruled the CFPB’s structure is unconstitutional.

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Credit: Wikipedia, CFPB, HubPages.

 

Under Rich Cordray, the CFPB is doing its job on behalf of the American people,” said Warren.

President-elect Trump is considering former House Representative Randy Neugebauer (R-Texas) to lead the agency as its sole director.

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Randy Neugebauer. Credit: Wikipedia.

Per The Hill, Neugebauer was one of several House Financial Services Committee members who opposed the CFPB’s power and structure.

Schumer believes that Neugebauer is a less than ideal choice.

It’s like putting the biggest arsonist that we know of in the firehouse,” said Schumer.

Neugebauer is responsible for a 2015 bill that would install a bipartisan commission to lead the CFPB instead of a sole director.

Republicans believe a bipartisan commission would rein in the agency and prevent it from stifling the economy with overbearing enforcement actions, while Democrats say the push for a commission would make the agency effectively powerless.

We know if there’s a commission, it simply won’t work,” said Brown. “The whole idea of the commission is to emasculate this agency and take away its power.

Senator Lee disagrees.

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Senator Mike Lee. Credit: AP.

The Constitution was written to protect the American people from unelected and unaccountable bureaucrats, said Lee. “Considering the damage CFPB has done to credit unions and community banks, President Trump should act quickly to remove the director.“ ##

 

(Editor’s Note: MHLivingNews has closely followed Director Cordray’s testimony, see the video linked here – his interesting statements on manufactured home loans.)

 

(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.

GOP Senators to President-elect Trump: Fire CFPB Head Richard Cordray!

January 11th, 2017 Comments off
GOPSenatorstoPresidentelectTrumpFireCFPBHeadRichardCordraycreditCNNMoney-postedtothedailybusinessnewsmhpronewsmhlivingnews

Credit: CNN Money.

Republican Senators Bob Sasse (Neb.) and Mike Lee (Utah) penned a strongly worded letter to Vice President-elect Mike Pence on Monday, urging President-elect Donald Trump to remove Director Richard Cordray as head of the Consumer Finance Protection Bureau (CFPB).

It’s time to fire King Richard,” said Sasse, who also serves as a member of the Senate Banking Committee.

Underneath the CFPB’s Orwellian acronym is an attack on the American idea that the people who write our laws are accountable to the American people. President-elect Trump has the authority to remove Mr. Cordray and that’s exactly what the American people deserve.

According to CNN, the CFPB has declined to comment on the letter, but has said recently said that Cordray “has no plans to step down” and noted he was confirmed in 2013 by a bipartisan group of 66 senators.

That confirmation followed President Obama’s controversial recess appointment of Cordray in 2012.

The Daily Business News has followed the CFPB saga closely, including their involvement in the Wells Fargo case and a D.C. circuit court ruling that deemed the organization unconstitutional due to it’s lack of independent oversight.

The Constitution was written to protect the American people from unelected and unaccountable bureaucrats, said Senator Lee. “Considering the damage CFPB has done to credit unions and community banks, President Trump should act quickly to remove the director.

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A tweet from Senator Bob Sasse. Credit: Twitter.

There are also those who have worked with the organization that see it as successful.

The CFPB ‘remarkably successful’ under Cordray,” said Patricia McCoy, a Boston College Law School professor who oversaw CFPB mortgage policy in 2011. McCoy pointed to the Wells Fargo case as evidence.

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President Obama signs Dodd-Frank into law. Credit: The White House.

Daily Business News readers who have followed the history of the CFPB understand that the CFPB was not the lead agency in the case and during the time the events took place in 2011, the CFPB charter basically only allowed it to police the activity of big banks.

It did not catch the Wells Fargo activity at that time.

The Senators conclude the letter with an impassioned plea.

President Trump has the power to protect the American idea from this destructive view by removing Director Cordray. Director Cordray’s removal will be the first marker in the long process of rolling-back an agency that combines the powers of the executive, legislative, and judicial branches into the hands of a few unaccountable Washington elites.

The full letter is linked here. ##

(Editor’s Note: MHLivingNews has closely followed Director Cordray’s testimony, see the video linked here – his interesting statements on manufactured home loans..)

(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.

Attempt to Block Funding of Federal Housing Program Fails

May 21st, 2016 Comments off

mike_lee_senator_Utah__repub__AP_Photo_Susan_WalshIn an attempt to encourage communities to be more diverse, the Obama administration is tying federal community grants to the demographic make-up of communities, according to what washingtonexaminer is telling MHProNews.

An amendment from Sen. Mike Lee (R-UT) would have defunded President Obama’s “The Affirmatively Furthering Fair Housing Rule,” but the Senate, despite having a Republican majority, voted it down 60-37. Sen. Lee said he wanted to prevent the federal government from becoming a national zoning authority by requiring federal grant recipients to abide by government issued diversity rules.

Instead, the Senate voted 87-9 in favor of an amendment from Susan Collins (R-ME) to prevent HUD from mandating local housing and zoning regulations.

Sen. Richard Shelby (R-Ala) said, “HUD does not intend to direct any special zoning requirements. It does, however, intend to significantly influence local zoning decisions by withholding approval of local plans until they meet HUD’s central goals.”

Conservatives have criticized Obama’s housing rule since it was unveiled in July as more unnecessary regulation from Washington. ##

(Photo credit: AP Photo/Susan Walsh–Sen. Mike Lee)

matthew-silver-daily-business-news-mhpronews-comArticle submitted by Matthew J. Silver to Daily Business News-MHProNews.