WASHINGTON, D.C. ― U.S. Rep. Steve Pearce Wednesday attended the House Financial Services Committee hearing entitled “The 2018 Semi-Annual Report of the Bureau of Consumer Financial Protection” with Consumer Financial Protection Bureau (CFPB) Acting Director Mick Mulvaney to raise issues concerning the impact of the CFPB’s mortgage regulations on rural communities.
“Nearly half of the families in rural communities throughout New Mexico live in manufactured housing and depend on having access to manufactured housing loans. Under previous leadership, the CFPB changed the definition of rural many times. However, one thing remained – financial services and products for rural towns in New Mexico were regulated the same as urban cities in New York. This has to change once and for all,” Pearce said. “I sat down recently with bankers from New Mexico about how these regulations are choking off their ability to lend money. The fact of the matter is, the CFPB has notoriously ignored consumers that were left unprotected and with little access to credit in rural communities. And I’m working hard to right this wrong.”
Watch Rep. Pearce question Acting Director Mulvaney in Wednesday’s hearing here.