Senators urge CFPB not to ‘abandon’ duty to protect troops, families

From today’s Military Times:

In the wake of reports that a key federal consumer protection agency is considering pulling back from efforts to protect service members from predatory lenders, 49 senators have signed a letter asking for a commitment that the bureau will continue to ensure troops are protected.

The Consumer Financial Protection Bureau “should not be abandoning its duty to protect our service members and their families” the senators wrote in a Wednesday letter to Mick Mulvaney, director of the Office of Management and Budget, and acting director of the Consumer Financial Protection Bureau. The lawmakers — all 48 Senate Democrats and independent Vermont Sen. Bernie Sanders — asked for a commitment that the CFPB will use “all of the authorities available to the CFPB to ensure that service members and their families continue to receive all of their [Military Lending Act] protections.”

Rather than actively examining lenders’ records to determine whether they are following the law under the Military Lending Act, several sources say the CFPB instead would rely on complaints from service members and their families to trigger potential investigations. CFPB officials reportedly have expressed a concern that they don’t have the authority to conduct these lender examinations, although they have been doing so for years.

According to the CFPB, their enforcement actions have resulted in about $130 million that has been provided in relief to service members, veterans and their families.

The possible change was first reported in the New York Times. The move wouldn’t change the law itself, only the enforcement techniques. In the past, some lenders have expressed concern to Military Times about what they perceived as aggressive and unfair practices by the CFPB.

Read the complete article here.

‘Eye-popping’ payouts for CEOs follow Trump’s tax cuts, while wages stagnate

From today’s Politico “Finance and Tax” Series:

Some of the biggest winners from President Donald Trump’s new tax law are corporate executives who have reaped gains as their companies buy back a record amount of stock, a practice that rewards shareholders by boosting the value of existing shares.

A POLITICO review of data disclosed in Securities and Exchange Commission filings shows the executives, who often receive most of their compensation in stock, have been profiting handsomely by selling shares since Trump signed the law on Dec. 22 and slashed corporate tax rates to 21 percent. That trend is likely to increase, as Wall Street analysts expect buyback activity to accelerate in the coming weeks.

“It is going to be a parade of eye-popping numbers,” said Pat McGurn, the head of strategic research and analysis at Institutional Shareholder Services, a shareholder advisory firm.

That could undercut the political messaging value of the tax cuts in the Republican campaign to maintain control of Congress in the midterm elections.

The SEC requires company executives to disclose share purchases or sales within two business days. Companies emphasize that their executives’ share sales are often scheduled at regular intervals well in advance. In Banga’s case, he has routinely sold shares once a year, and always in May, since 2013…

Yet the insider sales feed the narrative that corporate tax cuts enrich executives in the short term while yielding less clear long-term benefits for workers and the broader economy. Critics of insider sales argue that they diminish the value of paying C-suite employees in shares — a practice that’s intended to give them a greater stake in the long-term health of the company — and can even raise questions about the motivation for the buybacks themselves.

Following the tax cuts, roughly 28 percent of companies in the S&P 500 mentioned plans to return some of their tax savings to shareholders, according to Morgan Stanley. Public companies announced more than $600 billion in buybacks in the first half of this year — already toppling the previous annual record.

Year to date, buybacks have doubled from the same period a year ago, Merrill Lynch said in a July 24 report, citing its clients’ trading activity. “Last week we noted that buyback activity [was] poised to accelerate over the next six weeks, and indeed, corporate clients’ buybacks picked up to a two-month high and the 6th-highest level in our data history,” the company said.

Read the complete article here.

 

Dept. of Education Proposes to Curtail Debt Relief for Defrauded Students

From today’s New York Times:

Education Secretary Betsy DeVos proposed on Wednesday to curtail Obama administration loan forgiveness rules for students defrauded by for-profit colleges, requiring that student borrowers show they have fallen into hopeless financial straits or prove that their colleges knowingly deceived them.

The DeVos proposal, set to go in force a year from now, would replace Obama-era policies that sought to ease access to loan forgiveness for students who were left saddled with debt after two for-profit college chains, Corinthian Colleges and ITT Technical Institute, imploded in 2015 and 2016. The schools were found to have misled their students with false advertisements and misleading claims for years.

Afterward, the Obama administration forgave hundreds of millions of dollars in student loans and began rewriting regulations to crack down on predatory institutions and bolster borrowers’ ability to seek debt relief from the federal government. But higher education institutions, including historically black colleges and universities and for-profit educators, maintained the new rules were far too broad and subjected them to frivolous claims that carried significant financial risks.

In June 2017, just one month before the Obama rules were to take effect, Ms. DeVos announced that she would block and rewrite them.

Read the complete article here.

Voter purge frenzy after federal protections lifted, new report says

From today’s NBC News:

Nine states with a history of racial discrimination are more aggressively removing registered voters from their rolls than other states, according to a report released Friday.

After reviewing voter purges nationally from 2012 to 2016, the nonpartisan Brennan Center for Justice found that the mostly Southern jurisdictions that had once been required to get changes to voting policies pre-approved by the Justice Department had higher rates of purging than jurisdictions that were not previously subject to pre-clearance.

key section of the 1965 Voting Rights Act, which was designed to protect minority voters from state disenfranchisement, was struck down by the Supreme Court in 2013, allowing states to begin making changes affecting voting without first getting federal approval.

“Two million fewer voters would have been purged over those four years if jurisdictions previously subject to federal pre-clearance had purged at the same rate” as other jurisdictions, the Brennan Center estimated.

In Georgia, for example, 156 of the state’s 159 counties reported an increase in removal rates after the Voting Rights Act was changed. In 2016, advocates sued Georgia for making voter registration harder.In 2017, the American Civil Liberties Union sued a Georgia county and the state Secretary of State for its purge practices, too.

“There’s cause for concern when the purge rate goes up this much at the same time we’re seeing controversial, sometimes illegal voter purge practice, in addition to changes to other voting laws that make it more difficult to participate,” said Jonathan Brater, counsel for the Brennan Center’s Democracy Program and one of the report’s authors.

The Brennan Center’s analysis found that election officials were purging voter rolls more aggressively nationwide, too, with some using imprecise or possibly illegal methods to do so.

Read the complete article here.

Trump’s SCOTUS nominee favors corporations over working Americans

Today’s Press Release from the AFL-CIO:

Working people expect the Supreme Court to be the most fair and independent branch of government in America, yet recent decisions have protected the privileged and powerful at the expense of working people. Decisions by the Court, often by the narrowest of margins, have a dramatic impact on our lives as we recently saw in Janus v. AFSCME Council 31 and reinforce the importance of choosing who sits on the Court.

Share this graphic and reject Judge Brett Kavanaugh because we simply cannot have another Justice on the Court who sides with corporations over America’s working families.

We have thoroughly reviewed the record of Judge Kavanaugh on cases of importance to working families and are compelled to oppose his nomination.

Judge Kavanaugh routinely rules against working families, regularly rejects the right of employees to receive employer-provided health care in the workplace, too often sides with employers in denying employees relief from discrimination in the workplace and promotes overturning well-established U.S. Supreme Court precedent.

Any Supreme Court nominee must be fair, independent and committed to protecting the rights, freedoms and legal safeguards that protect every one of us. Judge Kavanaugh does not meet this standard.The next justice confirmed to a lifetime appointment on the Court will play a pivotal role in new cases addressing health care, worker safety issues and collective bargaining rights for generations to come.

This current Supreme Court has shown that it will side with greedy corporations over working people whenever given the chance, and this nominee will only skew that further. The Senate should reject this nomination and demand a nominee who will protect the rights of working people and uphold our constitutional values of liberty, equality and justice for all.

Across the country, working people are organizing and taking collective action as we haven’t seen in years and won’t stand for any politician who supports justices who put our rights at risk.

Share this graphic and reject Judge Brett Kavanaugh.

Our fight for better wages and benefits and a voice on the job will continue on. The rich and powerful won’t dictate the American story. We will pave our own path, populate the halls of power with allies of working people and secure a brighter economic future.

In Solidarity,

Richard Trumka

——

Richard Trumka

President, AFL-CIO

Trump pardons Dinesh D’Souza on felony campaign contribution violation

From today’s CNBC “Politics” site:

Conservative commentator and filmmaker Dinesh D’Souza revealed on Friday what he said President Donald Trump told him about why he was getting a pardon.

On Fox News, D’Souza said he didn’t know he was going to get it. “I was just in my office working away. And an operator came on the line and said, ‘Is this Dinesh D’Souza?’ Yes. ‘Hold the line for the president of the United States.’ And there was Trump.”

He said Trump said: “”You’ve been a great voice for freedom. I’ve got to tell you man to man, you’ve been screwed.’ He goes, ‘I’ve been looking at the case. I knew from the beginning that it was fishy.'”

D’Souza, who was convicted in 2014 of making an illegal campaign contribution, said, “[Trump] said upon reviewing it, he felt a great injustice had been done. And using his power, he was going to rectify it, sort of clear the slate. And he said he just wanted me to be out there and be a bigger voice than ever defending the principles that I believe in.”

A day earlier, Trump announced on Twitter his decision to pardon D’Souza, an outspoken critic of Democratic former President Barack Obama. D’Souza was prosecuted by then-U.S. Attorney Preet Bharara, an Obama appointee who was later fired by Trump.

Read the complete article here.

Trump Changes Executive Regulations to Ease the Firing of Federal Workers

From today’s New York Times:

Seizing on a longtime ambition of many Republicans, President Trump on Friday overhauled rules affecting at least two million federal workers, making it easier to fire them and rolling back the workplace role of their unions.

Mr. Trump, furthering a goal cited in his State of the Union address this year, signed a series of executive orders affecting disciplinary procedures and contract negotiations and limiting the conduct of union business on government time.

Andrew Bremberg, the head of the White House Domestic Policy Council, said the president was “fulfilling his promise to promote more efficient government by reforming our Civil Service rules.”

Past administrations of both parties have argued that Civil Service rules are in need of modernization, but Mr. Trump zeroed in on aspects that create sharp partisan divisions. And the action follows growing acrimony between his supporters and the federal bureaucracy that they portray as the deep state.

Unions representing government workers were quick to denounce the actions. “This is more than union busting — it’s democracy busting,” J. David Cox Sr., national president of the American Federation of Government Employees, the largest federal employee union, said in a statement. “These executive orders are a direct assault on the legal rights and protections that Congress has specifically guaranteed.”

The executive orders come after a series of prominent Republican victories against public employee unions in recent years at the state level and a rollback of Obama-era policies favorable to labor at the federal level.

In the coming weeks, the Supreme Court will rule on a case, propelled by years of conservative philanthropy, that could end mandatory fees for public-sector unions in more than 20 states, dealing a body blow to union coffers.

The Trump administration portrayed its new rules as a needed remedy to make a sclerotic work force more efficient and responsive, but Newt Gingrich, who has been an informal adviser to the White House on Civil Service issues, has given a different explanation in the past.

In an interview last year, when the administration was considering action, Mr. Gingrich, a former House speaker, said that a major impetus was the federal bureaucracy’s ideological opposition to the Trump agenda.

Read the complete article here.

The face of political corruption in DC? Emails show collaboration among EPA and climate change deniers

From today’s Los Angeles Times:

Newly released emails show senior Environmental Protection Agency officials collaborating with a conservative group that dismisses climate change to rally like-minded people for public hearings on science and global warming, counter negative news coverage and tout Administrator Scott Pruitt’s stewardship of the agency.

Emails show collaboration among EPA and climate change deniers

The emails were obtained by the Environmental Defense Fund and the Southern Environmental Law Center through the Freedom of Information Act.

The emails show John Kokus, EPA’s deputy associate administrator for public affairs, repeatedly reached out to the conservative Heartland Institute.

EPA spokesman Lincoln Ferguson says the Heartland Institute is one of a broad range of groups the agency engages with.

Heartland’s Tim Huelskamp says it will continue to work with Pruitt and the EPA against a “radical climate alarmism agenda.”

Read the complete article here.

Trump Undercuts Giuliani’s Comments About Payments to Stormy Daniels

From today’s New York Times:

President Trump undercut his attorney Rudolph W. Giuliani on Friday, and said the former New York mayor will eventually get the facts right regarding a payment to a pornographic actress who said she had an affair with Mr. Trump.

“And virtually everything said has been said incorrectly, and it’s been said wrong, or it’s been covered wrong by the press,” Mr. Trump said.

Mr. Giuliani, who joined Mr. Trump’s legal team last month, “just started a day ago,” Mr. Trump said, speaking to reporters on Friday as he left Washington to attend a National Rifle Association convention in Dallas.

“He is a great guy,” Mr. Trump said. “He’ll get his facts straight.”

It was the first time the president addressed the inconsistent narrativeabout the payment made by his personal lawyer, Michael D. Cohen, to the actress, Stephanie Clifford, who goes by the stage name Stormy Daniels. Mr. Trump did not offer any details on Friday to clarify the confusion, but said, “It’s actually very simple. But there has been a lot of misinformation.”

Mr. Giuliani released a statement Friday trying to clarify the confusion, saying that his “references to timing were not describing my understanding of the president’s knowledge, but instead, my understanding of these matters.” He also said there had been no campaign violations in the matter.

The comments capped a week of evolving facts surrounding the Oval Office.

The American public learned its president, once described by a doctor as “the healthiest individual ever elected,” actually wrote that description himself, leaving his health ranking among those who held the office before him a mystery. Mr. Trump also hired an attorney he previously had deniedrecruiting. And the president contradicted himself when, this week, he said he paid back Mr. Cohen for the $130,000 given to Ms. Clifford just days before the election. Last month, the president said he did not know anything about the transaction.

Mr. Giuliani kicked off the confusion about the payment with an interviewon Fox News on Wednesday, surprising even some of Mr. Trump’s other attorneys.

Read the complete article here.

EPA Director Scott Pruitt’s Trip to Australia Organized by Foreign Lobbyist

From today’s New York Times:

A Washington consultant and onetime lobbyist for foreign governments played a central role in attempting to set up a trip to Australia by Scott Pruitt, the head of the Environmental Protection Agency, while the consultant took steps to disguise his role, new documents released this week show.

The disclosures add to the list of individuals from outside the government who have worked to influence foreign travel by Mr. Pruitt. The Australia trip, which was planned for late last year but never took place, was being promoted by Matthew C. Freedman, the chief executive of a consulting firm, Global Impact Inc.

Mr. Freedman has spent decades as an international political consultant and lobbyist, starting in the 1980s as an employee of Paul Manafort when the two men worked together to help the embattled Philippine dictator Ferdinand Marcos. Mr. Manafort later became Mr. Trump’s campaign chairman, and many of his former lobbying associates entered Mr. Trump’s orbit.

Mr. Freedman worked on Mr. Trump’s transition team in late 2016. He was removed after he was found to be conducting government business using an email address associated with his consulting firm.

Mr. Freedman could not be reached for comment. The E.P.A. did not immediately respond to questions about Mr. Freedman’s involvement in the Australia trip.

Read the complete article here.