MHI Weighs in on CFPB Examination Authority
Provisions (Sec. 1024) with the Dodd-Frank Act provide the Consumer Financial Protection Bureau (CFPB) with new authority to examine non-depository financial institutions.
Specifically, the Act provides the CFPB with authority to conduct regular examinations of lenders offering loans for personal and household as well as “larger participants” in any other market offering consumer financial products.
The provision was designed to regulate elements of what has been referred to as the “shadow banking industry” specifically, title and payday lenders that have never previously been subject to federal supervision. The provision does not subject these institutions to new levels of regulation only new levels of supervision.
The Bureau is also provided new supervision authority over those that are considered “larger participants” in other consumer financial services markets, including those offering residential mortgage lending products.
To view MHI’s comments click here
Earlier this month, the RV/MH Hall of Fame inducted its 2011 class of honorees before an audience of approximately 350 industry leaders gathered at the Hall of Fame Conference Facility in Elkhart. Barry Cole presented the awards to manufactured housing honorees.
This year’s recipients were George Allen, GFA Management, IN; Robert Azevedo, Alpine RV, CA; Leonard O. Brown, West Valley View, Inc., NY; Harold ‘Hal’ Gerring, Gerring Industries, IN; Bill Gorman, Gorman Planning, VA; Larry Huttle, Airstream, OH; James Knott, J & B Homes, NM; John Martin, TCA and MHI, VA; Mike Schneider, Affinity Group, CA; and James F. Shea, Jr, Fairmont Homes, IN.
MHI extends its congratulations to all honorees, in particular George Allen, a founding member of the National Communities Council, and James Knott, a member of the National Retailers Council – both long-time supporters and contributors to MHI.
The RV/MH Hall of Fame, founded in 1972 honors industry leaders making significant and lasting contributions to the growth of the industries with induction into the national hall of Fame, shows the history of the industry with vintage products from 1913 to the present displayed in the museum, archives the history in literature and photos in a 20,000 volume library and plays host to industry and community events in a 30,000 square foot conference center.
Second Quarter 2011 NMHC Modular Housing Report are Now Available
To read the Second Quarter 2011 NMHC Modular Housing Report click here