In the 14 yrs the #CFPB has existed, it has challenged #banks on outrageous overdraft fees, taken on payday #lenders, & issued rules to rein in rogue #debt collectors. It created a complaint database to help #consumers seeking to resolve disputes with their #creditors & pursued companies & industries w/ #deceptive marketing & billing practices.

The agency was also laser-focused on making companies communicate w/consumers in plain language.

#Trump #Musk #DOGE #law #regulation #USpol

The loans will come at below-market interest rates, a crucial stipulation as #global #lenders usually charge much higher rates in #Africa, citing higher risks.

In an interview, Ajay Banga, the president of the #WorldBank, cast the initiative in sweeping terms where #economic #development met societal #stability & basic #HumanRights. “Without #electricity, we can’t get #jobs, #health care, skills,” he said. The success of electrification, he said, is “foundational to everything.”

The rules set to be announced Tues would ban #credit reporting agencies from incorporating #medical #debt when calculating #CreditScores…. The rules would also bar #lenders from using #MedicalDebt to determine #LoanEligibility, they said.

…~15M Americans have medical #bills on their credit reports, acc/to a study released in April by the #Consumer #Financial #Protection Bureau. …People affected by medical debt disproportionately live in the South or in low-income communities….

…Rejected by #banks & #lenders over the #Jan6, 2021, #insurrection & his long history of &bankruptcies & #business #failures, #Trump had approved the merger of his company w/a #SPAC as a way to raise money in the months after he lost the WH. Often called “blank check” firms, SPACs promise access to public stock investors w/fewer #FinancialDisclosures than a traditional corporate listing requires.

(The trust was set up to hold #Trump’s business assets during his presidency to avoid conflicts of interest.)

#NYAG questions #DonaldTrumpJr about other certifications re #Trump’s #SFCs they sent to #lenders over several years.

There are more letters to #banks from #Mazars. Each letter, every time says that the #trustees (Jr & #AllenWeisselberg) of the #DonaldJTrumpRevocableTrust are responsible for the Trump's SFCs (oops).

#NYAG #Amer asked #McConney about his use of capitalization or #CapRates, which he used to #value #Trump #commercial assets. (The lower the cap rate, the higher the property value.)

Amer grilled McConney about his communications w/ #DougLarsen, an #appraiser retained by #CapitolOneBank & #LadderCapital, in their capacity as #lenders concerning 40 Wall Street.

#Habba’s presentation is pure #politics. She attacked the #press corps, & called #Trump the “sitting president.” She didn’t diverge at all from the substance of #Kise’s arguments, but spoke far louder & as if she were addressing a jury, or a television camera.

“These #lenders made money. They made money,” she said. “They were not #defrauded.”

#Kise argued that the defendants didn’t mean to #defraud anyone w/disparate property valuations (irrelevant). He calls this the essence of the commercial real estate marketplace, saying “buyers have a view, sellers have a view, none of them are wrong.”
“Everyone has a different opinion as to valuation,” Kise said, summarizing his case after spending a long time explaining that #DeutscheBank, one of the #lenders, did its own due diligence & came up w/ another set of values for certain properties.