Regulators Hear MH Industry Concerns Over New Agency

From Maine, the Portland Press Herald reports that roughly 40 Maine businesspeople met Wednesday with Sen. Olympia Snowe and Elizabeth Warren to discuss how the emerging Consumer Financial Protection Bureau with broad authority to regulate the nation’s financial system might affect Maine businesses. Warren, who is tasked with setting up the new agency, and Snowe heard from representatives of the manufactured housing industry who expressed concern over issues including those surrounding the SAFE Act. “Their agency will regulate us, and if they don’t understand the uniqueness of our product, they can put us out of business,” Karen Brown-Mohr, executive director of the Manufactured Housing Association of Maine, told reporters after meeting. Brown-Mohr also told Warren that new rules could force her members out of business, fearing the new agency may require her members to become licensed mortgage loan originators before they can give advice. Such a requirement, she told the reporter, could further hurt an industry that’s already struggling. Two large manufactured housing companies, Oxford Homes and Burlington Homes, already have failed, she said. is awaiting comment from Brown-Mohr and others present at the meeting.

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