Before launching this commentary on fatigue, rebellion and resistance to Dodd-Frank, SAFE and their regulators, let’s state the obvious for the record. No where in manufactured housing trade journalism do you find more compliance-focused columns: be it Fair Housing, finance or other legal topics. We don’t have to agree with a law – like Dodd-Frank, which some understandably see as grossly unConstitutional – to say that the path of prudence suggests compliance while working to change the law.
That said, let’s look at comments from the rebellious…
1) …some frankly scoff at the idea that Dodd-Frank is being complied with.
2) There has also been quiet talk that includes the concept of setting up ‘test cases’ that would directly challenge the constitutionality of Dodd-Frank, SAFE and the regulators thereof.
3) Some want to fly under the radar, not because they may have this or that political agenda, but because they were allowed to do this legally before, why not now?
4) Others point to the fact that the very survival of their business model – from their perspective – is at risk. In life or death, some will opt for life even if they violate some new regulation in the process.
Born free in the U.S.A., these matters tends to tug at my heart strings, how about yours?
How much is too Much?
For some, the question of non-compliance is “practical.” How much interest is too much? How many or large a rate hike by MH Communities (aka mobile home park) on their site fees are too much?
Remember, don’t shoot the messenger! This isn’t taking sides, the commentary reflects real talk in various places and with significant numbers of pros like yourself.
Associations and Resistance
Associations naturally tend toward legal action, to work within the system, to resist, modify or change laws.
On the Masthead, we have and will advocate that Industry pros avail themselves of the benefits and wisdom found in associations. Fresh from the Florida Manufactured Housing Association’s annual meeting, I can tell you that they are a fine example of top shelf efforts to Protect and Promote MH. More of a recap on that event soon.
For those who say associations are dominated by the big boys, well then work within the system (…if you feel that call…) to organize the voices to re-balance the scales. We haven’t just said people should do stuff, we are walking the walk and believe that is how all progress takes place – identify an issue, give it appropriate thought then real action!
My own sense has been that any firm – be it small, medium or large – who “get it” on associations benefit from being actively engage with them far more than the cost of their dues.
All that said…
The popularity of our coverage Industry in Focus special on the CFPB report and resulting controversies suggests that many are keen to be engaged in this struggle against a regulator whose power and rep pockets are unprecedented in American history. Congress can hold hearings, they can make calls and write letters to Cordray, but as the CFPB is currently organized, they can’t cut off funding without changing the law.
Overnight, this became the top read on MHProNews:
While it is too soon to tell, media polling suggests that if the midterms where held today, the U.S. Senate would tilt 52R and 48D. If that’s so, expect more pressure on the CFPB once the new Congress is seated.
The legal resistance to Dodd-Frank is ongoing, not only from MH but from other industries as well. In less than 4 weeks, we may know how the new House and Senate will break down. One hunch we hear is that we could see a pivot by the CFPB if it break Republican in both chambers. We may soon see! ##
