Mick Mulvaney, the interim director of the Consumer Financial Protection Bureau (CFPB), said in a letter to Congress on Monday that legislators should limit the agency’s power.
“The Trump administration wants to limit a federal regulator’s independence in policing the consumer-finance industry, the latest salvo by the White House to roll back Obama-era oversight put in place after the financial crisis,” said the Wall Street Journal (WSJ) about the Consumer Financial Protection Bureau (CFPB).
“Mike Litt, consumer campaign director at the liberal consumer nonprofit US Public Interest Research Groups,” per Business Insider said that, “As a member of Congress, Mick Mulvaney voted to outright get rid of the Consumer Bureau,” Litt said. “Now he is using his platform as acting director to promote his own agenda over the agency’s mission. He wants to take away the Bureau’s independence and then make it harder for it to do its job.”
As S 2155 awaits a House-Senate conference committee, which would likewise make changes to the CFPB, Mulvaney’s letter adds his voice to those calling for structural changes at the agency he now directs.
In the letter, Mulvaney asked for four specific changes to the CFPB’s power, said Business Insider.
- End the director’s authority to impose new regulation on companies without congressional approval.
- Shift the agency’s funding from an independent Federal Reserve allocation to a congressionally appropriated budget.
- Allow the president additional control and oversight of the director’s actions under executive authority.
- Name an in-house inspector general to review the CFPB’s actions.
Each of these steps ought to be warmly embraced by manufactured housing industry professionals. There is still an open question if the Manufactured Housing Institute, following the Daily Business News report linked below, has done a direct outreach to the CFPB to get amended by agreement what the Preserving Access to Manufactured Housing Act has sought through legislation. ## (News, analysis and commentary.)
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Submitted 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.