According to The Hill.com, that particular regulation threatens to undermine Habitat for Humanity which relies on appraisers who volunteer their services for free. Today, 1.4k+ Habitat for Humanity U.S. affiliates live in fear they could be fined into non-existence under Dodd-Frank for accepting free appraisal services.
Habitat for Humanity International's Director of Government Relations, Christopher Ptomey, told The Hill.com:
Dodd-Frank reforms were passed with the good intentions of protecting
consumers and taxpayers and of stopping predatory lending that
targeted lower-income families and contributed to the foreclosure crisis.
However, provisions in the law...created unintended consequences for
Habitat for Humanity.
Despite assurances from Consumer Financial Protection Bureau (CFPB) officials in 2014 that Habitat for Humanity is exempt from the regulation, the group’s leadership quite wisely isn’t taking any chances when it comes to federal regulators. They’ve lined up a number of powerful U.S. senators who are seeking to exempt Habitat for Humanity from the regulation.
That said, there are some senators—like Sherrod Brown (D-OH)—who fear an exemption for Habitat for Humanity would open the door to other challenges that might eventually undermine Dodd-Frank. Remember, Dodd-Frank is supposed to rein in and penalize the greedy capitalist bankers and hedge fund operators. Brown said:
[The exemption] shouldn't be included in a sweeping package of Wall
Street reform rollbacks that would threaten safety, soundness and
consumer protection. Opening the door to risky, high-cost mortgages
seems to counter Habitat's mission.
The story here isn’t that of Dodd-Frank or of Habitat for Humanity. No, it’s the story of the power that unelected federal regulators possess to write regulations that have the force of law and to use those regulations to threaten citizens and groups of citizens who fail to comply with the terms of those regulations. First, it was Health and Human Services regulators who required that healthcare insurers provide artificial forms of birth control and abortion “services.” Next up were Environmental Protection Agency regulators who are hell bent on eliminating the coal industry and are now seizing the nation’s waters.
Those running for political office in 2016 should ask the folks: “Do you fear the government more today than you did 8 years ago?”
In the United States, government is to be “of, by, and for” the people. What happened to that ideal?
Let the discussion begin...
To read the article in The Hill.com, click on the following link: