CFPB Regulatory Updates
CFPB Clarifies MLO Compensation
On April 2nd, the Consumer Financial Protection Bureau (CFPB) issued guidance to address concerns as to whether the mortgage loan originator compensation rule in Regulation Z (Truth in Lending Act) prohibits originators from participating in a qualified profit-sharing 401(k) or employee stock ownership plan. Click here to view to document. In its guidance, the CFPB advises that loan originators can participate in these plans. The CFPB is currently working on rules to implement the loan originator compensation provisions of the Dodd-Frank Act, but decided it was important to issue the clarification now rather than wait for the final rules to be adopted.
CFPB Issues Rule Expanding Confidential Treatment of Privileged Information
On March 28th, in response to concerns about the treatment of privileged information submitted to the CFPB, the agency published a proposed rule designed to preserve applicable legal privileges with respect to third parties when information is provided to the CFPB for any purpose in the course of supervisory or regulatory processes. Click here to view the proposed rule. The comment period closes April 16th.
According to the CFPB, the proposed rule would provide “that the submission by any person of any information to the CFPB in the course of the supervisory or regulatory processes will not waive or otherwise affect any privilege such person may claim with respect to such information under Federal or State law as to any other person or entity.” In addition, CFPB is proposing to readopt a version of an interim rule (that was issued July 2011) in modified form to provide that the CFPB’s provision of privileged information to another federal or state agency does not waive any applicable privilege, whether the privilege belongs to the CFPB or any other person.
MHI and State Association Executives Push for the Preserving Access to Manufactured Housing Act
On April 4th, MHI and its network of 50 state associations discussed strategies and outreach efforts needed to increase congressional support for legislation (H.R. 3849) introduced by Reps. Stephen Fincher (R-TN), Joe Donnelly (D-IN) and Gary Miller (R-CA) that would make revisions to the Dodd-Frank and SAFE Acts. Specifically, MHI and state manufactured housing associations are working to communicate with U.S. Representatives to urge them to co-sponsor H.R. 3849. Those throughout the manufactured housing industry—builders, suppliers, community owners, lenders and others—are urged to contact their Representatives as soon as possible and ask that they co-sponsor the legislation. To view MHI’s action alert, click here.
MHI Mourns the Loss of Chelu Travieso
MHI mourns the loss of long time industry member and state association executive, Chelu Travieso. At the time of her passing, Chelu served as Vice President of the California Mobilehome Parkowners Alliance (CMPA), a trade association representing the interests of land-lease community owners and managers in California, and as the President of Mobile Community Management Co., a portfolio property management company she led since 1990. Chelu began her career in the industry when she joined the Newport Pacific Family of Companies in 1983. In 2008, Chelu received the Busch, Carr, McAdoo Award, the Western Manufactured Housing Communities (WMA) association’s highest honor for those who dedicate themselves to the manufactured housing industry. Twice she received CMPA’s Freedom Fighter Award for her dedication to protecting property rights. She was also a board member for the Manufactured Housing Education Trust (MHET) and was honored by MHET in 2005 with its Above and Beyond Award. MHI extends its condolences to Chelu’s family and the industry in California.
