Financial Services

CFPB asks Congress for authority to sniff out predatory military lenders
Previous director piqued Democrats when he said the bureau doesn’t yet have legal standing to audit firms

Kathy Kraninger, the director of the Consumer Financial Protection Bureau, submitted a legislative proposal to “clarify” the bureau’s authority to supervise compliance with a military lending law. (Alex Wong/Getty Images file photo)

The leader of the Consumer Financial Protection Bureau is asking Congress to give the agency explicit authority to examine financial services companies for compliance with a law that caps how much a creditor can charge military servicemembers for loans.

In letters sent Thursday to Vice President Mike Pence and House Speaker Nancy Pelosi, CFPB Director Kathy Kraninger submitted a legislative proposal to “clarify” the bureau’s authority to supervise compliance with a military lending law designed to protect servicemembers from certain lending practices that may be considered predatory.

House Democrats’ latest gambit for ending shutdown involves bills Republicans negotiated
Plan is to bring up spending bills next week that both chambers agreed to in conference last year

Speaker Nancy Pelosi, D-Calif., and House Majority Leader Steny H. Hoyer, D-Md., have been bringing various spending bills to the floor to pressure Republicans to reopen the government. They plan to hold votes next week on bills House Republicans previously helped negotiate. (Tom Williams/CQ Roll Call)

House Democrats plan to ramp up the pressure on Republicans to reopen the government by holding votes next week on spending bills the GOP helped negotiate. 

The plan is to hold a vote on a package of six fiscal 2019 appropriations bills that were agreed to by House and Senate negotiators last year but never brought to the floor. 

Elizabeth Warren wants big banks to give details of assistance to furloughed federal workers as shutdown continues
Democratic senator highlights more transparency from credit unions about help for the workers who are not being paid

Sen. Elizabeth Warren, D-Mass., wants details of what large banks are doing to help customers affected by the partial government shutdown. (Tom Williams/CQ Roll Call file photo)

Sen. Elizabeth Warren wants specifics from big banks about what they are doing to help federal workers who haven’t received paychecks due to the partial government shutdown.

The Massachusetts Democrat, who is often an adversary of large financial institutions, actually praised some of them for public statements expressing support for the furloughed federal employees (and those required to report to work without pay).

Day 25 of the shutdown and the impasse held fast
Spending bill fails, president holds firm, House freshmen march

Freshman House members, including Rep. Lauren Underwood, D-Ill., leave the Capitol office of Senate Majority Leader Mitch McConnell, R-Ky., on Tuesday after a visit to urge action on reopening the government. (Tom Williams/CQ Roll Call)

On the 25th day of the longest government shutdown in modern history, the House failed to advance a spending measure, the president was half-stood up for lunch, and freshman House Democrats marched on the Senate. 

In an already busy day on Capitol Hill, the House failed to advance a stopgap measure to fund shuttered federal agencies through Feb. 1, as Democrats sought to pressure Republicans to end the partial shutdown. 

Steven Mnuchin makes case to GOP to allow easing of sanctions on Russian companies
Visited Senate Republican lunch ahead of votes on Schumer resolution

Treasury Secretary Steven Mnuchin urged the Senate to ease relief on Russian companies. (Tom Williams/CQ Roll Call file photo)

Treasury Secretary Steven Mnuchin is making the case to Senate Republicans that they should stop an effort to block sanctions relief against three Russian companies.

But as he left Tuesday’s Senate Republican lunch, Mnuchin did not seem certain about the vote count ahead of an expected Tuesday afternoon vote on a motion to proceed to a resolution disapproving of the sanctions relief proposed for En+ Group plc, UC Rusal plc and JSC EuroSibEnergo.

Republican defections on House spending bills to end shutdown tick up

Brian Fitzpatrick, R-Pa., speaks during the National Air Traffic Controllers Association rally to “Stop the Shutdown” in front of the Capitol on Thursday, Jan. 10, 2019. (Bill Clark/CQ Roll Call)

The number of House Republicans supporting Democrats’ bills to reopen the government increased slightly on Thursday.

On Thursday, the House voted 244-180 to pass a Transportation, and Housing and Urban Development spending bill and 243-183 to pass an Agriculture appropriations bill for fiscal 2019.

House churns through measures designed to put heat on GOP
Rules package, financial services spending bill pass chamber

House Democratic Caucus Chairman Hakeem Jeffries arrives to hold the Democrats’ weekly press conference in the Capitol on Wednesday. (Bill Clark/CQ Roll Call)

House Democrats continued to flex their majority muscles Wednesday, pushing through measures designed to put some heat on their Republican colleagues amid the partial government shutdown and on perennial policy priorities like health care.

First, the House passed 235-192 a resolution to intervene in a lawsuit challenging the 2010 health care law, although Democrats already filed a motion last week to do just that.

On Appropriations, Daines, Lankford will not have their cake, eat it too
After being added to Finance Committee, cardinals get clipped

Senate Appropriations Chairman Richard C. Shelby, R-Ala.: not a fan of cake, eating it, too. (Tom Williams/CQ Roll Call)

The Senate Appropriations Committee is about to get two new subcommittee chairmen after the top Republicans on the Financial Services and Legislative branch panels got approval to serve rare double duty on the Appropriations and Finance panels.

“There will be some changes,” Senate Appropriations Chairman Richard C. Shelby said Tuesday when asked whether Sens. Steve Daines, R-Mont., and James Lankford, R-Okla., would continue in their previous roles. “When they went to Finance they lost their seniority. They knew that.”

EU reports on cryptoasset regulation could have global reverberations
Watchdogs urge EU-wide rules

A sign in a Berlin pub signals the owner’s acceptance of bitcoin. Reports on cryptoasset regulation in the European Union could have global reverberations. (Sean Gallup/Getty Images file photo)

 

ANALYSIS — Two leading financial regulatory authorities are preparing to release pivotal reports on cryptoasset regulation throughout the European Union with recommendations that set the stage to create a separate “bespoke” regime for cryptoassets that are not currently subject to regulation in the bloc.

Democrats use vote on health care lawsuit to pressure Republicans on pre-existing conditions
GOP leaders not expecting their members to take Democrats‘ bait

Democrats made health care a central issue in the 2018 midterms. (Tom Williams/CQ Roll Call file photo)

It’s only the second week of the 116th Congress, but Democrats are already trying to put Republicans on record on protecting people with pre-existing health conditions.

Democrats made health care a major issue in the 2018 midterms on their way to picking up a net of 40 seats and taking control of the House. A vote Wednesday to defend the 2010 health care law — designed in part to illustrate Republicans’ opposition to it — is a sign Democrats see the issue as one that can help them hold their majority in 2020.