The Trump administration is dismantling financial protections for the military

[left-of-center2012]

Source: MSN

The federal government’s top consumer watchdog has decided it no longer needs to proactively supervise banks, credit card companies, and other lenders who deal with members of the military and their families to make sure they’re not committing fraud or abuse.

Critics, baffled by the decision from the Consumer Financial Protection Bureau, say it will put service members in the claws of predatory lenders and put their careers and livelihoods — and potentially US national security — at risk.

The bureau’s supervisory staff offices have typically conducted proactive checks that make sure lenders aren’t charging military members exorbitant interest rates, pushing them into forced arbitration, or otherwise not following guidelines outlined in the Military Lending Act, a 2006 law that protects active duty military members and their families from financial fraud, predatory loans, and credit gouging.

Now the agency, under interim director Mick Mulvaney, is planning to end its use of these supervisory examinations of lenders, according to recent reports from the New York Times and NPR. Instead, the bureau will only be able to take action against lenders if it receives a complaint.

Read more: https://www.msn.com/en-us/news/us/the-trump-administration-is-dismantling-financial-protections-for-the-military/ar-BBLUFYs

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[Achilleaze]

1. The republican Draft-Dodger-in-Chief is pissing on the military again

He's dependable that way. At least honorable enlisted personnel won't be forced to salute a five-time republican Draft Dodger at his stupid parade. Small consolation.

[Crutchez_CuiBono]

9. No parade is huge in a lot of ways from my perspective. I get your nuance completely though + agree.

For me, the best part is the armed forces saying they have boundries, and this nonsense will start and stop w them if necessary. Troops Entrusted w protecting John and Joan Q. Public most fundamentally, is ready and signaling that they can and will set boundaries for the protection of this fascinatingly diverse and bountiful Nation. Thats just me sayin though..
Ps...Have a good Sat. Night.
***Democrats are good people.

[Jedi Guy]

21. It wasn't as if the military refused to do the parade.

The parade wasn't cancelled because the military set "boundaries." It was cancelled (perhaps only delayed, I think I recall reading) because the costs associated with it were way, way above projections.

The Joint Chiefs didn't tell Trump he wouldn't get his parade. I doubt many people in the military were thrilled with the idea, but as the Commander in Chief, they can't just tell him, "No, we think this order is stupid and we don't like it, so we're not doing it."

I'm hardly a scholar of the UCMJ, but I do seem to recall there being a bit about personnel having an obligation to refuse to comply with unlawful orders from their commanders. That wouldn't extend to a parade, though, as there's nothing unlawful about it.

[pangaia]

2. "Critics, baffled by the decision from the Consumer Financial Protection Bureau,..."

BAFFLED !!!

WTF??

[jmowreader]

3. And let me guess...

Base commanders will no longer be allowed to maintain "off limits" lists

[They_Live]

4. And everybody else!

and everything else!

[htuttle]

5. Because a military with more of its members vulnerable to getting in over their heads financially...

...provides a lot more opportunities for GRU agents to find leverage on some of them.

[Girard442]

6. God forbid that someone offers to put a million bucks in Trump's pocket if he...

...tosses kids into a woodchipper, Fargo-style.

[dameatball]

7. and yet, they still vote Republican in large numbers

[elmac]

15. yep, 2/3rds vote fascist. nt

[ck4829]

25. Insane really

[Judi Lynn]

8. There can be no justification for this. As soon as he's gone, this HAS to be corrected. Criminal.

Anyone who has ever been around a military town and has seen the predatory fix the local merchants have on the enlisted people, including the youngest of the young, completely unprepared for the tricks and traps of greediest, most soulless sharks around, knows just how far they will go to take their last dime any way they can, even sending workers onto the base on payday to run down soldiers as soon as they get paid, before they can even make it home, or to their barracks, etc.

They can also track them anywhere when they get transferred out of their units. They can sink them with outlandish late fees, and enjoy telling the stories of going to homes to repossess their TV's, furniture, etc. on Christmas Eve, etc.

Making loans to them on their coming income tax returns, so when the money arrives, it's gone already along with a horrific profit for the lender, they all feast on these young men who can't possibly escape their clutches without incurring the wrath of the US Government by going awol.

It has been known, also, for used car dealers in small towns adjoining military bases, to go drinking in the dives where some of the soldiers go, and end up pitching sales to them while they are loaded and selling cars to them while they barely have any idea what they are doing.

As these people fall lower and lower under the load of ill-advised loans they probably feel unable to break free of the protection of a steady job and end up staying in the military whereas they might have made a break for it early in their adult hood, had circumstances been different. The thought of sticking with a system which guarantees you a steady income probably creates a deadly dependency for people who would have far rather have left without encumberances after their first or second enlistment and tried for a free life outside, but didn't get a chance.

That Trump should make it even easier for these people to ruin the lives of men and women already living on meager wages is beyond outrageous.

[pecosbob]

10. This does not surprise me in the least

This is specifically what Mulvaney was put there to do...payday lenders and scam colleges have plenty of friends on both sides of the aisle these days.

[olddad56]

11. Putin, via his lacky, Donald Trump, is turning the American Dream into the American Nightmare.

[turbinetree]

12. Yep the asshole never spent one hour in the military................

but he knows how they spend money.......................and he said this...................

Mulvaney has said of himself: "I don't think anyone in this administration is more of a right-wing conservative than I am."


And since he believes in the Roman Catholic decrees, he must have thought and believes that the money changers were good the guys.......................................


Fuck You, Mulvaney, and your fucking traitor horse.....................your as fucking petty has your boss...................


November 2018 cannot get here fast enough..........................vote

[alwaysinasnit]

13. I guess this is how they "support the troops."

[RockRaven]

14. Trump views everyone who serves in the military as dupes and suckers...

and he thinks the "right" way of dealing with dupes and suckers is to con the sh*t out of them.

[Yo_Mama_Been_Loggin]

16. The military is just a prop for Cadet Bonespurs

And it appears he thinks they're suckers to be ripped off as well.

[Haggis for Breakfast]

17. Thank you, Mulvaney

for giving Americans yet another reason not to serve their nation.

Eat shit and die you maggot.

[Crash2Parties]

18. Makes you wonder if *any* of Trump's appointments were not bought

It seems selling off agency head positions is just part & parcel of this Administration & the GOP Congress doesn't mind a bit.

[McCamy Taylor]

19. Russia mafia wants to get US military members in debt so they can blackmail them.

[duforsure]

20. Anyone in the military should be pissed

His policies are being bought , and he's using them to profit from it , and has been all along. That's what he really thinks about the military, its his to use as he pleases . He'll do to them like he's done everywhere else, pick a fight then install someone corrupt enough that 'll bow down to anything he wants done .

[NickB79]

22. A high school friend of mine is active military and a huge Trump lover

I love posting stories like this on Facebook to piss him off.

[JonLP24]

23. It is already bad near bases with predatory lenders

And car dealers.

[ck4829]

24. A good reason not to join, support counter-recruitment, yo.

[mn9driver]

26. Many years ago, several of the young enlisted sailors in my unit were victims of loan scams.

For a lot of these young people, the military is the first time they’ve ever had a regular job and money in the bank. They are prime targets for grifters.

Why am I not surprised that the grifter in chief would do this?

[Brother Buzz]

27. Used car salesmen stick together

[Turbineguy]

28. Trump surrounded by young faces.

If he was honest he'd say, "I'm gonna fuck ya!"