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Reports: The Trump Administration Wants To Weaken A Major Financial Protection For Service Members
The Trump administration wants to get rid of a decade-old Military Lending Act designed to protect service members from predatory lenders and other financial hucksters looking to swindle U.S. military personnel out of their hard-earned cash, according to internal documents obtained by both the New York Times and National Public Radio.
- The MLA was established in 2006 to protect active-duty service members and their spouses from predatory lending practices like exorbitant interest rates. According to the Federal Deposit Insurance Corporation, the act imposes "limitations on and requirements for certain types of consumer credit extended to active duty service members and their spouses, children, and certain other dependents."
- As the New York Times reported on August 10, interim Consumer Financial Protection Bureau chief and dictator Mick Mulvaney, "intends to scrap the use of so-called supervisory examinations of lenders, arguing that such proactive oversight is not explicitly laid out in the legislation," a move that would effectively prevent the CFPB from enforcing the MLA.
- However, those supervisory exams have proven essential in "uncovering previous instances of wrongdoing and led to several of its biggest fines," according to the New York Times, which notes that in 2014, the CFPB "fined one of the largest payday lenders in the country, Ace Cash Express, $10 million after determining the company, based in Texas, steered low-income borrowers, including those in the military, into a succession of financially damaging high-interest loans."
- University of Utah law professor and former CFBP staffer Christopher Peterson said in an interview with NPR that "if the White House does this, it will be manipulating the Military Lending Act regulations at the behest of auto dealers and banks to try and make it easier to sell overpriced rip-off products to military service members."
- A Mulvaney spokesman told the New York Times that the rule change was part of a broader review of the agency's regulations, stating that while the CFPB's goal was “to protect service members...we also have to abide by the law.”
Ironically, Mulvaney stated during his April 2018 testimony to Congress that he and his staff were committed "to making sure the Bureau’s regulations work not only for those who use consumer financial products and services but also for those who provide them." So at least one of those promises has been kept!
The FBI is treating the recent shooting at Naval Air Station Pensacola, Florida, as a terrorist attack, several media outlets reported on Sunday.
"We work with the presumption that this was an act of terrorism," USA Today quoted FBI Agent Rachel Rojas as saying at a news conference.
WASHINGTON/SEOUL (Reuters) - U.S. President Donald Trump said on Sunday that North Korean leader Kim Jong Un risks losing "everything" if he resumes hostility and his country must denuclearize, after the North said it had carried out a "successful test of great significance."
"Kim Jong Un is too smart and has far too much to lose, everything actually, if he acts in a hostile way. He signed a strong Denuclearization Agreement with me in Singapore," Trump said on Twitter, referring to his first summit with Kim in Singapore in 2018.
"He does not want to void his special relationship with the President of the United States or interfere with the U.S. Presidential Election in November," he said.
The three sailors whose lives were cut short by a gunman at Naval Air Station Pensacola, Florida, on Friday "showed exceptional heroism and bravery in the face of evil," said base commander Navy Capt. Tim Kinsella.
Ensign Joshua Kaleb Watson, Airman Mohammed Sameh Haitham, and Airman Apprentice Cameron Scott Walters were killed in the shooting, the Navy has announced.
The Pentagon’s troop deployment denials means nothing when the White House screams ‘fake news’ all the time
The Pentagon has a credibility problem that is the result of the White House's scorched earth policy against any criticism. As a result, all statements from senior leaders are suspect.
We're beyond the point of defense officials being unable to say for certain whether a dog is a good boy or girl. Now we're at the point where the Pentagon has spent three days trying to knock down a Wall Street Journal story about possible deployments to the Middle East, and they've failed to persuade either the press or Congress.
The Wall Street Journal reported on Wednesday that the United States was considering deploying up to 14,000 troops to the Middle East to thwart any potential Iranian attacks. The story made clear that President Trump could ultimately decide to send a smaller number of service members, but defense officials have become fixated on the number 14,000 as if it were the only option on the table.
This article originally appeared on Business Insider.
SIMI VALLEY, Calif. – Gen. David Berger, the US Marine Corps commandant, suggested the concerns surrounding a service members' use of questionable Chinese-owned apps like TikTok should be directed against the military's leadership, rather than the individual troops.
Speaking at the Reagan National Defense Forum in Simi Valley, California, on Saturday morning, Berger said the younger generation of troops had a "clearer view" of the technology "than most people give them credit for."
"That said, I'd give us a 'C-minus' or a 'D' in educating the force on the threat of even technology," Berger said. "Because they view it as two pieces of gear, 'I don't see what the big deal is.'"