Manufactured Homes: House Passes Bill Reforming Negative Impact of Dodd/Frank


On Thursday, TVs across the country were tuned to the riveting Senate Intelligence Committee hearings featuring testimony by dismissed FBI Director James Comey.

Almost simultaneously a vote by the U.S. House of Representatives on legislation that would be a step towards dismantling the Dodd/Frank Wall Street Reform and Consumer Protection Act, a priority of the Donald Trump agenda, was being passed by the Republican majority.

Financial Choice Act

House Republicans took that first step toward dismantling Dodd/Frank by passing the Financial Choice Act – with “Choice” short for Creating Hope and Opportunity for Investors, Consumers, and Entrepreneurs – cleared the chamber by a vote of 233-186.

Included in the approved legislation — introduced by Financial Services Committee Chairman Jeb Hensarling (R.Tex.) — was language of the “Preserving Access to Manufactured Housing Act” as part of its comprehensive effort to reform the negative impact of the Dodd-Frank Act on the sale and financing of manufactured homes.  It would need to clear the Senate before reaching the desk of President Donald Trump.

“CHOICE ACT” Language Makes Manufactured Home Financing More Accessible to Consumers

 A cornerstone of the Dodd/Frank 2010 financial overhaul law passed during the Obama administration was the creation of the Consumer Financial Protection Bureau (CFPB), which took unfettered oversight of a host of financial products and services on a regular basis. CFPB Director was given singularly absolute authority to interpret and enforce the thousands of rules and regulations of the Dodd/Frank legislation.

Included in the Dodd/Frank legislation were controls on the financing and sales of manufactured housing. The inclusion of manufactured homes was unintended and confirmed by the co-author of Dodd/Frank, former Representative Barney Frank (D.Mass.). Director Cordray has had full authority to correct the error but has continually stonewalled attempts by the manufactured housing industry and members of the U.S. Congress to make those corrections.

The unintended consequences of the legislation have devastated the affordable home ownership dreams of millions of hardworking middle-income American citizens.

The language of the “Preserving Access to Manufactured Housing Act” attached to H.R. 10, the Financial CHOICE Act will negate the onerous effects on affordable manufactured home ownership that has been restrained by the CFPB.

In public remarks supporting the legislation, Vice President Mike Pence stated, “the CHOICE Act is a common sense bill that repeals Dodd-Frank and empowers consumers and businesses, not bureaucrats and lawyers … this is absolutely one of the President’s priorities.

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