The Oklahoma Manufactured Housing Association (OMHA) and the Manufactured Housing Association for Regulatory Reform (MHARR) reports House Financial Services Committee Chairman Spencer Bachus (R-Ala), in commenting on a lawsuit challenging the constitutionality of Dodd-Frank, says the Consumer Financial Protection Bureau (CFPB) is a massive governmental bureaucracy without adequate checks and balances, concentrating too much power in the hands of a single director who can spend his budget without oversight. MHARR points out the CFPB director has control over which financial products and services are available to consumers, currently crucial to the manufactured housing industry. Legislation co-sponsored by Rep. Bachus would: Establish a five-member commission to run the agency; create a review process to determine the affect of rules on financial institutions; and ensure the commission chair is Senate-confirmed. For MHARR’s full report, click here.
(Photo credit: realclearpolitics)