At a recent campaign rally in Ohio, Donald Trump didn’t just condemn Democratic lawmakers, the president took some time to list some of the American entities he thinks Democrats don’t like.
“They’re lousy politicians, they have horrible, stupid policies,” Trump said. “You know, ‘let’s get rid of law enforcement, let’s get rid of our military, let’s not take care of our vets’ — all of these things.”
To the extent that reality still matters, the president’s rhetoric was mindless, but given the Trump administration’s approach toward supporting veterans, it was also rather ironic. The New York Times reported over the weekend:
The Trump administration is planning to suspend routine examinations of lenders for violations of the Military Lending Act, which was devised to protect military service members and their families from financial fraud, predatory loans and credit card gouging, according to internal agency documents.
Mick Mulvaney, the interim director of the Consumer Financial Protection Bureau, 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, the main consumer measure protecting active-duty service members, according to a two-page draft of the change.
According to the Times, advocates for military families were “surprised” by the Trump administration’s proposal, not only because they hoped to see the opposite when it comes to protecting veterans’ finances, but also because no one from the financial industry challenged the legality of these lender examinations when the Obama administration took action to protect servicemembers in recent years.
In other words, Mulvaney is so eager to protect lenders, he’s apparently taking steps to fix a “problem” that no one thought existed.
The Times added, “The bureau will still bring individual cases against lenders who are found to charge in excess of the annual interest rate cap of 36 percent mandated under the law, and continue to supervise lenders under other statutes. But it will scrap supervisory examinations, which are the most powerful tool for proactively uncovering abuses and patterns of illegal practices by companies suspected of wrongdoing, former consumer bureau enforcement officials said.”









