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.

American Priorities at a Crossroads: Trump’s Budget Leaves America Behind

The Trump Administration released its 2018 Budget Proposal and the picture is a disturbing set of priorities aimed at increasing military and law enforcement spending over the next 18 months by $100 billion, while slashing spending on domestic programs that will adversely affect health and human services, education, and scientific advancement.

If this is putting America First, then there are surely tough times ahead for the majority of working Americans and families.

Increasing spending on the military budget is a monumental waste of money that would be better used to rebuild America’s crumbling infrastructure, create jobs, and shore up entitlement programs that are in need of sensible reform: Social Security, Medicare, and Medicaid. Currently, military spending accounts for 54 percent of the federal budget (2015 figures). That means for every tax dollar raised in revenue, over half of it goes to spending that does not directly benefit American workers and taxpayers. The benefits we do get from such lavish spending in terms of national security is largely indirect in the form of a subsidized belief that the bigger our military, and the more money we spend on it, the safer we are. That is a false argument to be sure.

Spending more money on the military in a time of social, economic, and political crisis is a failure of Trump to live up to his stated priorities of putting Americans back to work and ensuring that economic prosperity is spread around to those states, and the working class citizens in them, who feel they have been left behind in the wake of trade agreements, technological innovation, and the forces of globalization.

Many people who voted for Trump may “feel” that his budget proposal reflects their values. But when the anti-tax Congress refuses to fund vital programs, including a much needed overhaul of our nation’s infrastructure, and jobs do not suddenly materialize by returning from overseas, they will once again be left holding the bag. We may have the most powerful military in the world, but the most powerful nation it protects will not be able to provide good paying jobs for its workers, while the streets and bridges crumble under their very feet.