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Posts Tagged ‘rep. jeb hensarling’

Rep Jeb Hensarling Applauds Appointment of Dr. Mark Calabria to Head FHFA

December 12th, 2018 Comments off

 

RepHenserlingMarkACalabriaCATONextFHFADirectorManufacturedHousingIndustryDailyBusinessNewsMHProNews

The drama of the changing of the guard at the Federal Housing Finance Agency (FHFA) that oversees the Government Sponsored Enterprises (GSEs) of Fannie Mae and Freddie Mac has been duly tracked by the Daily Business News on MHProNews.

 

 

One of those barn-burners around allegations of sex and sleaze is found at the link below.

 

Mel Watt – FHFA and MH Connected Hearing Today to Feature Sexual Misconduct Allegations

 

For those who listened to the Manufactured Housing Institute (MHI) call outgoing FHFA director Mel Watt a ‘champion’ for the industry, the 10-year delay of getting meaningful Duty to Serve for manufactured housing should be the latest reminder of why MHI’s word arguably ought to raise an immediate question mark.

The move to bring Dr. Mark Calabria should be closely watched, because it could signal possible changes over the horizon on the GSEs, including – but not limited to – the Duty to Serve (DTS) manufactured homes.

MarkACalabriaCATOInstituteDailyBusinessNewsMHProNews

A press release today from House Financial Services Committee Chairman Jeb Hensarling is below.  A related report, on DTS is found further below.

HouseFinancialServicesCommitteeFHFADailyBusinessNewsMHProNews

 

WASHINGTON – Financial Services Committee Chairman Jeb Hensarling (R-TX) issued the following statement today praising the nomination of Dr. Mark Calabria to serve as Director of the Federal Housing Finance Agency (FHFA).

“The American $10 trillion mortgage market is the envy of the world, and to keep us on top we need an FHFA Director who is dedicated to capitalism and economic growth.  Dr. Calabria is that man.  He knows what it takes to re-energize our housing industry and to promote responsible growth that rewards investors and attracts foreign dollars into our economy. At a moment in time when the future of housing finance policy in our country will be permanently shaped by the next FHFA Director, I can think of no better or more responsible person for the role than Dr. Calabria and applaud President Trump for his outstanding pick.”

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See the related reports for more details on the prior and more recent developments on this issue.  “We Provide, You Decide.” © ## (News, analysis, and commentary.)

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“Waste, Fraud, and Abuse” – FHFA, GSE Federal Oversight Announcement

Warren Buffett, Charlie Munger, Fannie Mae, Freddie Mac, Berkshire Hathaway Backstory

“What Are We, Chopped Liver?” MHI Member December 2018 Reactions

 

 

 

 

 

 

Renewed Calls for CFPB’s Cordray to Step Down

April 6th, 2017 Comments off
TheFateoftheCFPBWhatWillTrumpDocreditwikipedia-postedtothedailybusinessnewsmhpronewsmhlivingnews

President Barack Obama announces the nomination of Richard Cordray as the first director of the CFPB on July 18, 2011. Credit: Wikipedia.

In the manufactured housing industry, the Consumer Financial Protection Bureau (CFPB), and it’s director, Richard Cordray, have made growth difficult.

And now, Washington lawmakers have taken notice of the challenges.

According to CNN Money, Rep. Jeb Hensarling (R-TX), chairman of the House Financial Services Committee, has called on President Trump to fire Richard Cordray, the head of the Consumer Financial Protection Bureau, immediately.

I believe the President is clearly justified in dismissing you and I call upon the president — yet again – to do just that, and to do it immediately,” said Hensarling, during a hearing on Capitol Hill yesterday.

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Jeb Hensarling. Credit: House.gov

The organization has been in the crosshairs of President Trump and Republicans, who have proposed Death Blows to the organization via legislation.

Speaking on the pair of bills (S. 30 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.

ProposedDeathBlowtoCFPBPutForwardcreditWashintonExaminerTedCruz-postedtothedailybusinessnewsmhpronewsmhlivingnews

Sen. Ted Cruz. Credit: Washington Examiner.

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.

One of the challenges around removing Cordray comes from the Dodd-Frank act, which created the agency. Dodd-Frank says, to a certain degree, that the President cannot fire the director without cause.

And for some Democrats, they see the agency being independent as critical.

Republicans have been clamoring to weaken, impede, and ultimately destroy the Consumer Bureau since its creation,” said Rep. Maxine Waters (D-CA).

CordrayDefiantSaysTrumpWon’tChangeAgencycreditWikipediaMaxineWaters-postedtothedailybusinessnewsmhpronewsmhlivingnews

Representative Maxine Waters. Credit: Wikipedia

But the agency was dealt a blow recently, when a federal appeals court denied their motions in a case with PHH Mortgage.

The same three-judge panel of the U.S. Court of Appeals for the D.C. Circuit that determined the CFPB structure was unconstitutional in October 2016, denied appeals in the PHH Corp. vs. Consumer Financial Protection Bureau case.

In the decision, which was covered by the Daily Business News here, the court determined the CFPB is controlled by a “single, unaccountable, unchecked directorRichard Cordray, who can only be removed for just-cause, which poses the risk of arbitrary decision-making and abuse of power compared to a multimember independent agency.“

The case is headed for another hearing on May 24th.

CompanyMovesinfortheKillonCFPBcreditFlickrPHHCFPB-postedtothedailybusinessnewsphonewsmhlivingnews

Credits: Flickr, CFPB, PHH.

During what was, at times, a contentious hearing, Republican lawmakers put pressure on Cordray and the CFPB, for what they see as a less than effective agency.

The CFPB was a latecomer in uncovering Wells Fargo’s fraudulent sales practices,” said Rep. Ann Wagner (R-MO).

Can you specify about when you prompted your staff to begin its investigation of Wells Fargo?”

Wagner also suggested that the CFPB was “asleep at the wheel” until press reports emerged on the scandal, which the Daily Business News covered here.

Lawmakers also press Cordray for his failure to reply to dozens of subpoena requests, including one tied to Ally Financial (ALLY) for discriminatory pricing in the lender’s auto loans, and for not certifying compliance with lawmakers’ requests.

I believe we have complied with all your subpoena requests,” Cordray told the committee.

Hensarling also pressed Cordray for answers on whether he was aware of the Federal Reserve’s Inspector General review of the agency’s handling of Congressional inquiries.

I don’t always know the inquiries that the IG is conducting,” said Cordray. “I’m not supposed to know all the inquiries that IG is conducting.

 

Impact for the Manufactured Housing Industry

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Credit: Wikipedia, CFPB, HubPages.

While the CFPB had the support of the Obama Administration, the Trump Administration has had the organization in its crosshairs since the election.

Those in the industry have not been shy about their feelings on the matter.

The information on this case also has indirect ramifications for the Manufactured Housing Institute (MHI), and others in the industry, as the Preserving Access bill is being floated, which would modify portions of Dodd-Frank.

For more on what the Preserving Access bill means for the industry, check out the latest article on The Masthead.

For more on the CFPB’s impact on the manufactured housing industry, click here. ##

 

(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.

Dodd-Frank Continues to be Batted About

June 28th, 2016 Comments off

house_____financialservices_dot_house_dot_gov__creditA group of eminent economic scholars, Nobel Prize winners and former senior economic policy officials all signed on to the Financial CHOICE Act, designed to reform Dodd-Frank, and released the following statement: “We support the reform principles that underlie the proposed Financial CHOICE Act which promote higher economic growth without bailouts, reduced risks of crises, and simplification of the regulatory process by emphasizing market mechanisms operating through the rule of law.”

The act would shed some of the complex, costly and loan-impeding regulations from banks, which would allow them more capital to work with and provide stability, as fsc.gop.press tells MHProNews.

Meanwhile, Rep. Jeb Hensarling (R-TX), Chairman of the House Financial Services Committee, speaking at the Heritage Foundation’s “The Case Against Dodd-Frank,” about the shortcomings of the consumer protection act, said: “Ladies and gentlemen, it’s time to make free enterprise legal again in America. It’s time for a new paradigm in banking, capital markets and financial opportunity. It’s time to offer all Americans opportunities to raise their standards of living and achieve financial independence,” he said. “In a phrase, we need economic growth for all and bank bailouts for none. This is the foundation of the alternative Republicans will offer the American people.” ##

(Image credit:financialservices.house.gov)

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

House GOP Aiming to Lift Crippling CFPB Regulations

June 15th, 2016 Comments off

paul ryan with mother betty douglas the villages scott audette dash reutersDubbed “A Better Way,” House Republicans stated the red tape of bureaucracies has gotten out of hand, and they have proposed rules easing the drilling for oil, coal mining, governing internet traffic and promoting small business employment, according to what washingtontimes tells MHProNews.

House Speaker Paul Ryan (R-WI), in presenting the agenda, said it is intended to be a blueprint for unshackling the American economy and unifying the party, notably leaving out immigration and trade reform, two issues that separate Ryan and other Republicans from presumptive presidential candidate Donald Trump.

If the proposals that are cooked up in these bureaucracies are really so important, then let the people’s elected representatives decide — no major regulation should become law unless Congress takes a vote,” Mr. Ryan, (R-WI), said.

House GOP members say regulation cost the U. S. economy $2 trillion last year as the economy struggles to rise farther from the crippling 2008 recession. The party says coal mining can continue without wrecking the environment or putting the coal industry out of business, which would cost thousands of jobs.

On financial issues the GOP will push for bankruptcy not bail-outs if a big bank should fail. Said House Financial Services Committee Chairman Jeb Hensarling, Texas Republican: “We were told the regulations of Dodd-Frank would make our economy more stable, but the regulations have led to the big banks getting bigger and the small banks getting fewer.”

Conservative pressure group Heritage Action likes the plan, but House Democrat Minority Leader Nancy Pelosi (D-CA) said the agenda would poison the water we drink and the air we breathe, “while rolling back critical protections for American consumers and taking the cops off the Wall Street beat.”

Although some conservatives want to dismantle the CFPB, the House GOP calls for reforming the agency, hopefully easing the rule that inhibits financing of manufactured homes, which hurts buyers and sellers especially at the lowest income scale.

Further, the House GOP wants to pull back on federal rules that increase compliance cost on colleges and universities that results in higher tuition costs. ##

(Photo credit: reuters/Scott Audette–Speaker Paul Ryan with mother Betty Douglas at The Villages in Fla.)

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

New Tax Law will only Increase Affordable Housing Units Tepidly

January 15th, 2016 Comments off

mfg home horizon land co creditAmid the pressing need for affordable housing in this country, as rents rise and incomes remain static, a federal tax law enacted last month may lead to the increased production of affordable rental housing, although the rise may be minimal, according to what housing experts tell nationalmortgagenews.

A part of the 1986 Tax Reform Act, the federal tax credit program has not had a notable increase since its creation, although over 2.6 million affordable housing units have benefited from its building and rehabbing services over 30 years, as MHProNews understands.

Applying to new construction or rehabbing of low-income housing, the tax credits are one of the primary methods for banks to earn Community Reinvestment Act credits since they often provide loans for affordable housing.

Tucked into the $1.1 trillion spending bill that President Obama signed Dec. 18 is a provision that “made the annual rate used to calculate the low-income housing tax credit permanent at 9%, up from a previous floating rate of roughly 7.5%. In 2008, when the financial crisis hit, Congress set the temporary annual tax credit rate at 9% and extended it twice before the rate expired and floating rates went into effect, upsetting the apple cart for the industry.”

Beth Stohr of U. S. Bancorp said the law could mean projects will finish sooner, but she says anything to increase stability is good. “There are certain markets where this is going to have a greater impact. For big states, the dial still moves, but not explosively,” said Stohr.

Bankers say the shortage is so severe—last year, an affordable housing building on New York’s upper westside with 55 units drew 88,000 applicants– the permanent rate will make but a miniscule difference, costing the government $19 million over ten years.

Fred Copeman of CohnReznick said the floating rates often resulted in developers having gaps between available financing and actual development costs, resulting in fewer affordable housing properties built. He said affordable rental vacancy rates typically hover around seven percent, but recently have fallen to below one percent.

Commercial banks account for 85 percent of the tax credit market volume, which was near its all-time high of $12.5 billion in 2015, up from $4.8 billion in 2008, and $9 billion in 2006.

While the tax credit program produces abut 90,000 units annually, the Harvard Center for Joint Studies says it estimates the shortage in affordable housing amounts to eight million units. Industry leaders are likely to lobby Congress to increase the number of tax credits, which could add to the affordable housing stock.

For MHProNews and MHLIvingNews Publisher L. A. “Tony” Kovach’ letter to Rep. Jeb Hensarling, Chairman of the Financial Services Committee, on how HUD could help reduce poverty and dependency, click here. ##

(Photo credit: Horizon Land Co. manufactured home)

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

Sunday Morning Recap-Manufactured Housing Industry News Nov. 1-Nov. 8, 2015

November 8th, 2015 Comments off

sunday-morning-manufactured-housing-weekly-pro-news-recap-mhpronews-com12-1-6-14-What’s New in public focused Manufactured HomeLivingNews.com

From Condo to Upscale Manufactured Home Living – John & Joyce Walter, Oshtemo, MI – Inside MH Road Show Vide

Olga Pecanac, Olga’s Place Pizza & Euro Restaurant, Westville, IN – U.S. Destination – Pure Fun!

Reinventing HUD’s role in Quality Affordable Housing, Reducing Poverty and Dependency

What’s New in Manufactured Housing Industry Professional News

MH Code production rises in Sept. Reinventing HUD is response to Rep. Hensarling’s challenge. Sprinklers dousing homebuilding in Maryland. Price of new site-built home hits $486k. Sun, Patrick hit highs; revenue spikes at Drew. New MHCs in New Jersey. Kansas eases MH upgrade requirements. 100 MH staged for wildfire survivors. Modulars planned for North Dakota, United Kingdom, sited on rocky topography in Argentina. Multifmily building slowing. Much, much more in news and views for you to peruse as you sip your morning jo.

Saturday, Nov. 7

Share of First-time Homebuyers at 28-Year Low

Friday, Nov. 6

Collaboration leads to New HVAC System for Manufactured Homes

Modular Housing Offers Flexibility, Quick Housing

Losses more than Gains Among Tracked Stocks

Price of New Single-Family Site built Home Rises over $120k to $468k

Re-Asserting HUD’s Affordable Housing Mission

Three New Senior Land Lease Communities Rising in New Jersey

Thursday, Nov. 5

Manufactured Home Tax Bill rises from $6 to over $400

Argentinian Modulars Rise with the Topography

Most Tracked Stocks Flat, same as Dow, NASDAQ and S&P

Killam Properties getting Notice from Analysts

British MP Urging Modular Homes Solution to Housing Shortage

Sprinkler Mandate in Maryland Dampening Home Building

Wednesday, Nov. 4

Freddie Mac Drowns in Red; CEO Layton says Lenders need to Lower Down Payment

MHCV Advances to 1188.1; Interest Rates may Rise Next Month

Groundbreaking near Minot, North Dakota for Modular Subdivision

Site Set for 40 Manufactured Homes in Wildfire Area

Multifamily Residential Building Expected to Slow in Coming Year

HUD Code Production Gains in September

Tuesday, Nov. 3

Drew Reports 17.3% Revenue Increase

MHCV Advances to 1181; More MH Stocks Fall than Gain

Sun Announces Public Offering of Common Stock

Nathan Smith Tapped to serve on Airport Board

Kansas County Eases Upgrade on Manufactured Home Replacement

MH/RV Ranking moves to 7 on IBD Scale

Monday, Nov. 2

Clayton Paying $50 Million for Chafin

Carlyle Advances +7.15%; MHCV Closes at 1161

Patrick Industries and Sun Communities hit 52-week Highs last week

Fire Safety in the Modern Manufactured Home

Capital One Arranges Financing for Manufactured Home Community

Sunday, Nov 1

Nettlesome November 2015 Issue Goes Live Tuesday Night

Sunday Morning Recap-Manufactured Housing Industry News Oct. 25-Nov. 1, 2015 ##

Deadline for Comments on HUD Program Rapidly Approaching

October 28th, 2015 Comments off

Jeb_Hensarling   wikipediaIn noting the 50th anniversary of former President Lyndon Johnson’s legislation creating the Department of Housing and Urban Development as a means to provide housing assistance in a growing urban population, Financial Services Committee Chairman Jeb Hensarling (R-TX) has issued a challenge to the public for assistance in solving the problems of poverty and housing affordability.

Saying after spending $1.6 trillion dollars in a variety of programs and initiatives, “Decent housing remains unavailable or unaffordable for far too many today just as it did five decades ago. HUD has failed to solve this persistent problem because it has failed to focus on its underlying cause: the very real human tragedy of generational cycles of poverty that we see in so many communities.

He adds, “HUD has come to symbolize the dashed hopes of the Great Society vision that mistook centralization for coordination and spending for compassion.

Rep. Hensarling is asking consumer advocates, organizations and individual citizens to proffer ideas on how to restructure HUD in an effort to update the delivery of federal housing assistance so that it meets the original intent of its founding, as MHProNews understands.

He offers the following submission requirements:

Submissions to modernize the delivery of federal housing assistance for today’s generation should include specific proposals and recommendations on:

1. Restructuring HUD to maximize its organizational efficiency,

2. Innovative approaches to address housing affordability that respect individual rights and promote individual responsibility,

3. Methods of targeting housing assistance to address generational cycles of poverty,

4. Examples of successful implementation of such proposals at the local, national, or international level (if applicable).

Additional Submission Requirements:

  • All submissions must be sent in a Word document or PDF attachment. The file name must include the name of the organization/individual submitting the recommendations and the date.
  • Submissions must include a cover sheet containing the contact name, organization, phone number, and email address of the organization/individual submitting the recommendations.
  • Submissions will be accepted through Nov. 1, 2015, and may be incorporated into Committee proposals or made public at a later date.
  • If the directions above are not followed, the Committee reserves the right to not include the submission.”

Ideas should be submitted in an email to the following address: transformhousing@mail.house.gov. ##

For a link to MHARR’s impending response to Rep. Hensarling’s invitation, please click here.

(Photo credit: wikipedia–Rep. Jeb Hensarling)

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


Sunday Morning Recap-Manufactured Housing Industry News Sept. 27-Oct. 4, 2015

October 4th, 2015 Comments off

mhpronews_sunday_morningWhat’s New in public focused Manufactured HomeLivingNews.com

Weathering the Storms: How Manufactured Homes Can Do It Better

A Surprising Solution to America’s Quality Affordable Housing Crisis

Whispering Pines Manufactured Home Community – Somerset PA, Inside MH Video

What’s New in Manufactured Housing Industry Professional News

FHFA to roll out MH secondary market. HUD finalizes on-site MH completion rule. MHProNews celebrates six years. UMH, Sun, Lippert, Nobility in the news. Mods on Mars. Dodd-Frank proven to obstruct MH loans. St. Joe allows MHCs. Mods in Australia, NY, Dublin, Belgium. MH co-ops grow in Montana. Much more news and views about manufactured and modular housing, so put the coffee on and grab a Danish.

Saturday, Oct. 3

UMH to Present in Philadelphia

Friday, Oct. 2

Shares of Encore Wire Upgraded

UMH Obtains $30M Freddie Mac Mortgage Loans

Dow Gains 200 Points despite Weak Jobs Report for September

Secondary Market for Manufactured Home Loans Coming from FHFA

UK Firm Collaborating with Western Australian Company to Produce Modular Homes

High End Modular Apartments Planned for Upstate New York

Thursday, Oct. 1

UMH Announces Quarterly Dividends

Sun to Discuss Q3 Financials

MHCV Outpaces Dow; Skyline Loses -3.12%

HUD Finalizes Rule Regarding Onsite Completion of Manufactured Homes

6th Anniversary Issue Goes Live Saturday

Multifamily Rental Costs Hit New Record High

Wednesday, Sept. 30

Affordable Modular Units Planned for Old Apartment Building Site

Most Manufactured Home-related Stocks Gain; MHCV Edges Up

Belgium Mini Modular Suitable for Singles or the Elderly

Rep. Jeb Hensarling Opens the Semi-annual CFPB Hearing

Montana non-profit Helps Manufactured Home Community Residents Form Co-ops

Modular Homes will Provide Housing on Mars

Tuesday, Sept 29

St. Joseph, Michigan Amends Zoning to allow Manufactured Home Communities

MHCV Slips, ELS Edges Up, Carlyle Falls

House Financial Services to Consider Bills Regarding CFPB Oversight

Australia Aims to Triple Size of Modular Home Industry

Pre-existing Home Sales on High Track for 2015, while Pending Home Sales Slip

Monday, Sept. 28

Hunt is on in Dublin for Modular Housing Sites

Nobility Homes Gains 20%+; Dow Drops 300 points+

Data Confirms Dodd-Frank Regulations Impede Manufactured Home Loans

Single-family Renter Households more Likely to Buy

Lippert Seeking Tax Abatement for Newly Acquired Plant in Indiana

Sunday Morning Recap-Manufactured Housing Industry News Sept. 20-Sept. 27, 2015 ##

Rep. Jeb Hensarling Opens the Semi-annual CFPB Hearing

September 30th, 2015 Comments off

Jeb_Hensarling   wikipediaThe House Financial Services Committee (HFSC) tells MHProNews the committee’s chairman, Rep. Jeb Hensarling (R-TX), delivered an opening statement in advance of the hearing on the semi-annual report of the Consumer Financial Protection Bureau (CFPB) with CFPB Director Richard Cordray.

Noting a recent series of hearings before the HFSC revealed how the Dodd-Frank Act, and its spawning of the CFPB, has harmed consumers and low-income Americans, Hensarling said the big banks are bigger and many smaller banks no longer exist, which has stifled competition, reduced consumer choices, and resulted in higher prices. Moreover, it has reduced access to mortgages, bank accounts and credit cards, making it more difficult for low-income Americans to achieve financial independence.

Rep. Hensarling says it is presumptuous for one person, who is not accountable to Congress or potus, to decide whether small dollar, short-term loans will be available to low income Americans. Referring to Director Cordray, Rep. Hensarling says, One man will decide whether he will permit Americans to resolve contract disputes more efficiently outside of the courts or allow the regulatory capture of his bureau by wealthy and litigious trial attorneys.

He says it is “insulting, degrading and an affront to social justice” that low-income Americans cannot be trusted to make decisions for themselves, or have the right to make their own financial choices.

He says, “Today they find themselves at the mercy of an arrogant, overgrown, distant and unaccountable Washington bureaucracy. Instead of the equal protection offered by the impartial rule of law, they are today dictated to by the arbitrary rule of regulators, and Exhibit Number One is the CFPB director.

He says it is essential to reform the CFPB in order to allow consumers the opportunity to pursue their dreams and achieve financial freedom. ##

(Editor’s Note: Congressman Hensarling’s comments in many ways echoes those in the video interview with MH Finance expert, Marty Lavin, the video is posted in the article linked here).

(Photo credit: wikipediacommons–Rep. Jeb Hensarling)

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

Republicans Accuse CFPB of Not Representing the Best Interests of Hardworking Taxpayers

March 5th, 2015 Comments off

jeb-hensarling-2Housing Wire tells MHProNews that on Tuesday, March 3, Consumer Financial Protection Bureau Director Richard Cordray appeared before the House Financial Services Committee. At this time, Committee Chairman Jeb Hensarling (R-TX) continued his ongoing criticism of the CFPB as unaccountable.

“The CFPB undoubtedly remains the single most powerful and least accountable federal agency in all of Washington,” Hensarling said. “When it comes to credit cards, auto loans and mortgages of hardworking taxpayers, the CFPB has unbridled power not only to make those less available and more expensive, but to absolutely take them away.”

Hensarling continued by saying that he thinks that Americans are losing both their financial independence and the protection of the rule of law.  He said the Bureau is fundamentally unaccountable to the President, to Congress, and to the courts. Thus, the Bureau regrettably remains unaccountable to the American people. “That is why we need the CFPB on budget and led by a bipartisan commission,” he said.

Democrats who worry that the CFPB is being unfairly attacked aren’t seeing the big picture, Hensarling said.  “I was struck by a comment made by one of my Democratic colleagues who argued during the Committee’s markup of our budget views and estimates that the Bureau must be protected from ‘the whim of those are the legislators.’  I remind all of my colleagues that the legislators are chosen by the American people under the provisions of our Constitution,” he said.

He said CFPB actions are hurting the financial industry, not protecting consumers. “Free checking has been cut in half. QM increasingly stands for ‘Quitting Mortgages’ as community bank after community bank finds they can no longer offer mortgages to many of their deserving customers,” Hensarling explained.

Ranking member Maxine Waters, (D-CA), meanwhile, praised the CFPB’s track record, saying it has delivered $5.3 billion in relief to 15 million American consumers and service members since its inception in 2011.

Waters highlighted the many ways she says Republicans have worked to harm the consumer agency, citing efforts to advance legislation that would undermine the agency’s ability to shield consumers from duplicitous financial practices, end its autonomy, dismantle its leadership and bog down operations with countless requests for documents. ##

(Photo Credit: Bloomberg)

sandra-lane-daily-business-news-mhpronews-com-75x75-

 

Article submitted by Sandra Lane to – Daily Business News – MHProNews.