Consumer Financial Protection Bureau Rejects Delaying Dodd-Frank

The Virginia Manufactured and Modular Housing Association (VMMHA) informs MHProNews the implementation of Dodd-Frank regulations by the Consumer Financial Protection Bureau (CFPB) that negatively impact the manufactured housing industry will not be delayed as requested by members of the U. S. Senate. CFPB Director Richard Cordray sent a letter to the senators saying the bureau wants additional information from manufactured housing lenders “to gain a more complete understanding of their concerns regarding the potential effects of this as well as other rules on the market for manufactured home loans. The Bureau will evaluate the information it receives, but it must not prejudge any future decisions. For that reason the Bureau has not committed, and cannot commit, to making any further modifications to the rules it has adopted.” The Manufactured Housing Institute (MHI), the state associations and other industry stakeholders have worked hard on this issue. The industry must continue to seek opportunities in the future to address these reforms. For Director Cordray’s letter, please click here.

(Image credit: Consumer Financial Protection Bureau)

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