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Posts Tagged ‘Randy Neugebauer’

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.)

 

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RC Williams, for Daily Business News, MHProNews.

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

House Financial Services to Consider Bills Regarding CFPB Oversight

September 29th, 2015 Comments off

cfpb_credit_cfpbMHProNews has learned from acainternational that the House Financial Services Committee will consider two bills relating to oversight of the Consumer Financial Protection Bureau (CFPB) at a hearing Wed., Sept 30, 2015 at 10 AM EST.

Rep. Steve Stivers (R-OH) introduced Bureau of Consumer Financial Protection-Inspector General Reform Act of 2015, H. R. 957 that would ensure greater accountability at the CFPB by creating an Inspector General, nominated by the president and confirmed by the Senate. Reintroduced Feb. 20, 2015, the bipartisan measure is being co-sponsored in the House with Rep. Tim Walz (D-MN). Sen. Rob Portman (R-OH) introduced a companion bill in the Senate

Meanwhile, U.S. Rep. Randy Neugebauer’s (R-TX) Financial Product Safety Commission Act of 2015 (H. R. 1266) removes the CFPB from under the umbrella of the Federal Reserve System and sets it up as a stand alone agency governed by a five-member bipartisan commission. Chairman of the Financial Institutions and Consumer Credit Subcommittee, Neugebauer introduced the bill in March following CFPB Director Richard Cordray’s semi-annual report to Congress.

Cordray just presented his seventh semi-annual report to the House, with a focus on mortgages, credit cards and student loans in addition to responses from companies to consumer complaints about these financial products. ##

(Image credit:Consumer Financial Protection Bureau)

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

Rep. Neugebauer Questions Overreach of CFPB without Oversight

March 9th, 2015 Comments off

cfpb_credit_cfpbFinancial Institutions and Consumer Credit Subcommittee Chairman Rep. Randy
Neugebauer (R-TX), evaluating the five-year history of the Consumer Financial Protection Bureau (CFPB), informs MHProNews the agency does not perform in a sustainable manner, lacks transparency and accountability, and is “susceptible to political influence.” He sees value in the agency but would like to re-structure it. He says in a video, “We must reflect and focus on what consumer protection means for credit availability, the cost of credit, and consumer choice,” and notes the government should not make financial choices for the American people. He recounts the story of a constituent who does not want to lose her overdraft protection on her prepaid credit card. “Consumer protection does not happen in a vacuum. New regulations and regulatory actions have consequences for real people,” he says, suggesting the pendulum may be swinging too far towards paternalism in the amount of protection offered by the CFPB, which does not allow for innovation in the marketplace. ##

(Video credit: YouTube; image credit: Consumer Financial Protection Bureau)

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

Financial Services Committee Chair: Rein in FHA

March 14th, 2013 Comments off

HousingWire informs MHProNews Chairman of the House Financial Services Committee, Rep. Randy Neugebauer, (R-TX), during a committee hearing on the private mortgage insurance market, noted that the Federal Housing Administration (FHA) continues to risk taxpayer dollars. In regard to FHA and its Mutual Mortgage Insurance Fund, he says, “FHA does not evaluate its risk according to actuarial principles; it does not correlate premiums to risk; it does not spread its risk in a manner supported by its financial resources; and it relies on treating poor results as a quarantined anomaly.” While FHA’s $30 billion in reserves is considered adequate to cover potential losses, House Bill 1028 would eliminate putting taxpayers at risk should a bailout be necessary. Neugebauer says the FHA “should be a complement to the private market, not a direct competitor.”

(Image credit: Facebook)

Dodd-Frank Entities Lack Transparency and Accountability

September 14th, 2012 Comments off

The House Financial Services Committee says after an extensive nine month audit by the Government Accountability Office (GAO) of the Financial Stability Oversight Committee (FSOC) and the Office of Financial Research (OFR), both creations of the Dodd-Frank Act, public information of their activities is limited. Financial Services Committee Chairman Spencer Bachus, and Oversight and Investigations Subcommittee Chairman Randy Neugebauer, who requested the report, said in a letter to Treasury Secretary Tim Geithner, who is chairman of FSOC, “The actions that FSOC and OFR have taken, and will take in the future, have the potential to directly and significantly affect the financial stability of the United States. It is therefore critically important that FSOC and OFR operate in a manner that promotes greater congressional and public understanding of their actions.” MHProNews has learned in a letter to Secretary Geithner, Reps. Bachus and Neugebauer ask for more detailed recommendations, accountability, and transparency of the proceedings of the FSOC, and how the agency will promote more coordination among its member agencies.

(Image credit: Facebook)

Dodd-Frank Spawns Burden Tracker

April 18th, 2012 Comments off

The House Financial Services Committee has developed the Dodd-Frank Burden Tracker, a method to keep tabs on the implementation of the Dodd-Frank Act. Government regulators have written 185 of the over 400 new rules and regulations required to comply with the act signed by President Obama in July 2010. According to what MHProNews.com has learned from  Committee Chairman Rep. Spencer Bachus (R-AL),  business will have to spend excessive amounts of time “dealing with all this red tape instead of engaging in the activities that grow our economy and create jobs.” Rep. Randy Neugebauer (R-TX) says, “It will take over 24 million man hours to comply with Dodd-Frank rules per year. It took only 20 million to build the Panama Canal.”

(Image credit: House Financial Services Committee)

Texas Republicans Push for Dismantling Fannie and Freddie

January 25th, 2011 Comments off
Housingwire reports that two Texas Republicans, Reps. Jeb Hensarling and Randy Neugebauer, are on the front lines advocating the quick dismantling of Fannie Mae and Freddie Mac. Last week, Neugebauer sent a letter telling Elizabeth Warren she is “tasked with executing a fatally flawed plan” as she forms the Consumer Financial Protection Bureau (CFPB).  The organization was created as part of the Dodd-Frank Act in an effort to set clear rules for financial institutions when dealing with consumers. The bureau also will provide federal oversight of the non-bank companies and banks in the mortgage market. Housingwire says both Neugebauer and Hensarling worry that increased regulations will translate to increased costs for consumers as banks pass expenses associated with compling with Dodd-Frank and any CFPB mandates onto customers. A copy of Neugebauer’s letter is available here.