The Dodd-Frank Act and Manufactured Housing

July 21st is soon approaching and that means change is coming to multiple industries.  The Bureau of Consumer Financial Protection (CFPB) “will officially assume its oversight position over the nation’s banking and financial system without an official director in place” (MHI News).

How is this important?  The Dodd-Frank Act gives the CFPB the permission to oversee non-bank financial firms which can and most likely will impact the manufactured housing industry.  Although, the agency is prohibited from starting to oversee non-bank financial firms (places that provide for example student, payday and mortgage loans) without a confirmed director.

To add more confusion and controversy to the act, Republican members of the Senate “have indicated they would place a hold on any nominee to head up the agency until substantive changes impacting the governance and operations of the CFPB are made” (MHI News).

It will be an interesting week for this specific act and in the Senate.  We will keep you posted as we obtain information and developments.

Thanks,

M. Cicardi

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