Tell Congress, vote NO on the Financial CHOICE Act
Write to your Senator today and ask them to vote NO on the Financial CHOICE Act. Let them know you stand with manufactured homeowners and other consumers.
Unfortunately, despite the concerns of manufactured homeowners and many others, the Financial CHOICE Act was passed by the House of Representatives, and has moved on to the Senate. It is expected to face more resistance in the Senate, but pieces of this extensive legislation may be passed on their own.
The bill is a giveaway to predatory big businesses and lenders, and rolls back many of the protections included in Dodd-Frank meant to protect consumers from unscrupulous businesses, and prevent another financial crisis. If passed, it would make financial regulation weaker than it was before the 2008 crisis, and while also severely reducing the power of the Consumer Financial Protection Bureau (CFPB) to rein in abusive financial practices and protect consumer interests.
Most concerning to MHAction leaders, the Financial CHOICE Act specifically targets manufactured homeowners, making protections for manufactured home buyers weaker than for other home buyers. This would leave more manufactured homeowners vulnerable to predatory loan practices such as unpredictable payment schedules, prepayment penalties, and high late fees. It would also create a loophole, exempting manufactured housing retailers who also act as lenders from current conflict-of-interest rules that protect homeowners.
Use our sample letter to right to your Senator and ask them to vote NO on the Financial CHOICE Act, and any sections of it that reduce protections for manufactured home buyers and strip power from the CFPB.