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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.

GOPSenatorstoPresidentelectTrumpFireCFPBHeadRichardCordraycreditTwitter-postedtothedailybusinessnewsmhpronewsmhlivingnews

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.)

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RC Williams, for Daily Business News, MHProNews.

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

MHARR Calls for Congressional Review, Rejection of DOE Rule

January 10th, 2017 Comments off
MHARRCallforCongressionalReviewandRejectionofDOERulecreditWikipediaMHARR-postedtothedailybusinessnewsmhpronewsmhlivingnews

Credit: MHARR, Wikipedia.

Washington, D.C – The Manufactured Housing Association for Regulatory Reform (MHARR), tells MHProNews that it has now formally called on Congress to review and reject the panned final regulation adopted by DOE under the Congressional Review Act (CRA).

In a January 6, 2017 communication to the Chairmen of the Senate Energy and Natural Resources Committee and the House Energy and Commerce Committee, MHARR – citing extensive independent evidence, urged Congress to exercise its authority under the CRA to prevent any final DOE manufactured housing energy rule from taking effect.

Such a vote by Congress, would under the express terms of CRA, bar the DOE from reissuing the rule “in substantially the same form,” or issuing a new rule “that is substantially the same” as the rejected rule, “unless the reissued or new rule is specifically authorized by a law enacted after the date of the joint congressional resolution disapproving the original rule.

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MHARR president and CEO M. Mark Weiss. Credit: MHProNews. For an in-depth interview with Mark Weiss, click here.

MHARR says that this prohibition, in light of changes in the composition of Congress and the election of a new president in November 2016, could well end the threat of destructive and debilitating DOE manufactured housing energy regulation for an indefinite period.

The association represents the interests of independent HUD Code producers, among others.

MHARR says that congressional rejection of a final DOE manufactured housing “energy” rule would fulfill President-Elect Trump’s pledge to “eliminate” wasteful and unnecessary federal regulations “which kill jobs and do not improve public safety  It would also put teeth behind Congress’ November 15, 2016 warning to all federal agencies to refrain from “finalizing pending rules or regulations in the [Obama] Administration’s last days.

In that warning memorandum, the congressional leadership promised to scrutinize any such midnight rules and if appropriate, overturn them, pursuant to the Congressional Review Act.

Manufactured homes ready for shipment-credit=wikipedia-postedDailyBusinessNewsMHProNews

Manufactured homes ready for shipment. Image credit – Wikipedia.

For the full statement from MHARR, click here.

For the full MHARR Congressional review request, 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.