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☆ Lawmakers ramp up scrutiny of Shein, call for proof it doesn't use forced labor after retailer files for IPO
▼ + stars: | 2023-12-05 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +3 min

Lawmakers are ramping up their scrutiny of Shein after it confidentially filed to go public last week. "Urge the SEC to apply maximum scrutiny to Shein's business and management before letting it anywhere near our capital markets," Luetkemeyer said in the video, viewed by CNBC. They include legislation that would block Shein from trading in the U.S. or bar its shipments from coming into the country. Gallagher is also interested in pursuing reforms to the trade loophole known as the de minimis provision and expanding enforcement of the Uyghur Forced Labor Prevention Act, the aide said. The committee is investigating Shein over its use of forced labor and de minimis — probes that are ongoing, Luetkemeyer said.

Persons: confidentially, Blaine Luetkemeyer, Shein, Luetkemeyer, let's, Mike Gallagher, Gallagher Organizations: U.S . Securities, Exchange, CNBC, SEC, Chinese Communist Party, Uyghur, Labor Locations: U.S

That was the discussion," Republican Representative Vern Buchanan told reporters. House Democrats and the White House have said they are open to that idea, but many Republicans rejected it. "At this point, we're not going to have any kind of other resolution on this," said Republican Representative Blaine Luetkemeyer. 2 House Republican Steve Scalise last week. One of those, Representative Drew Ferguson, said in a statement on Thursday: "The House Republican Conference does not need a bully as the speaker."

Persons: Jim Jordan, Russell Dye, Jordan, Vern Buchanan, he's, Kevin McCarthy, Patrick McHenry, we're, Blaine Luetkemeyer, Joe Biden, Leah Millis, Republican Steve Scalise, Drew Ferguson, McCarthy, shutdowns, Biden's, Biden, David Morgan, Makini Brice, Moira Warburton, Katharine Jackson, Nandita Bose, Davide Barbusca, Julio, Cesar Chavez, Andy Sullivan, Scott Malone, Nick Zieminski, Grant McCool, Deepa Babington Organizations: U.S . House, Republicans, Republican, Democrats, Democratic, Republican Conference, U.S, Capitol, REUTERS, AS, House Republican Conference, White, Thomson Locations: Ukraine, Israel, Washington , U.S, Washington

Jordan, who has lost two votes for speaker this week, emerged from an hours-long closed-door meeting with fellow Republicans to say he would press ahead with a third vote. It was not clear when the House would vote again on a speaker. House Democrats and the White House have said they are open to that idea, but many Republicans rejected it. He told fellow Republicans on Thursday that he would drop out of the speaker's race if his opponents were unmoved after talking with him, two lawmakers said. One of those, Representative Drew Ferguson, said in a statement on Thursday: "The House Republican Conference does not need a bully as the speaker."

Persons: Jim Jordan, Jordan, House Pro Tempore Patrick McHenry, Kevin McCarthy, Patrick McHenry, we're, Blaine Luetkemeyer, Joe Biden, Republican Steve Scalise, Drew Ferguson, McCarthy, shutdowns, Biden's, Biden, David Morgan, Makini Brice, Moira Warburton, Katharine Jackson, Nandita Bose, Davide Barbusca, Julio, Cesar Chavez, Andy Sullivan, Scott Malone, Nick Zieminski, Grant McCool Organizations: U.S . House, House Pro Tempore, Republicans, House Democrats, Democratic, AS, Republican, House Republican Conference, White, Democrats, Thomson Locations: WASHINGTON, Ukraine, Israel, Washington

☆ Junk fees, medical debt and artificial intelligence: CFPB chief lays out regulatory agenda
▼ + stars: | 2023-07-20 | by ( Chelsey Cox | ) www.cnbc.com time to read: +5 min

Medical debtChopra said that tens of millions of Americans are battling medical debt. The crisis is compounded by debt collectors that add medical debt to credit reports as a means of coercion. The agency's crackdown on junk fees has prompted some policy changes at big banks, he added. "Many of them are getting rid of their reliance on junk fees and making their fees much more reasonable," Chopra said. Rep. Blaine Luetkemeyer, R-Mo., has said the CFPB has "no authority" on the issue because junk fees is not a legal term.

Persons: Rohit Chopra, Tom Williams, Andy Barr, Chopra, servicers, We're, Experian, Blaine Luetkemeyer, Luetkemeyer Organizations: Consumer Financial Protection, Banking, Housing, Urban Affairs, Cq, Inc, Getty, Consumer Financial, Bureau, Federal Reserve, Governors, CNBC, Education Department, U.S, Kaiser Family Foundation, Bank of America, Biden, GOP, Rep, Financial Services Locations: Ky

☆ House Republicans target the CFPB as the agency takes aim at 'junk fees'
▼ + stars: | 2023-03-09 | by ( Chelsey Cox | ) www.cnbc.com time to read: +7 min

WASHINGTON — Lawmakers discussed ways to reform, or altogether defund, the nation's foremost consumer protection agency on Thursday, as the regulator takes aim at illegal "junk fees" levied on consumers. GOP lawmakers in the hearing criticized the Biden administration's push to eradicate "junk fees," largely regulated by the CFPB. On Wednesday, the agency released a list of illegal junk fees encompassing deposit accounts; auto and mortgage loan servicing; and payday and title lending. Subcommittee member Rep. Blaine Luetkemeyer, R-Mo., said Chopra has used junk fees as an excuse to expand his authority. The CFPB's working definition of junk fees is "any fee they don't like," argued Devin Watkins, an attorney at the conservative-leaning Competitive Enterprise Institute.

☆ US bank CEOs say they could exit China if it ever attacks Taiwan
▼ + stars: | 2022-09-23 | by ( Michelle Toh | Cnn Business | ) edition.cnn.com time to read: +1 min

Hong Kong (CNN Business) Leaders of America's biggest banks say they would follow any US directive on pulling business from China if Taiwan is ever attacked by Beijing. JPMorgan JPM Citi C Bank of America BAC CEO Jamie Dimon,CEO Jane Fraser, andCEO Brian Moynihan were all pressed on the subject Wednesday by US Congressman Blaine Luetkemeyer, from Missouri, in a Capitol Hill hearing"We'll follow [the] government's guidance, which has been for decades to work with China, and if they change that position, we'll immediately change it, as we did in Russia," said Moynihan, citing the corporate response to Russia's invasion of UkraineDimon said JPMorgan would "absolutely salute and follow whatever the American government says — which is you all — and what you want us to do." Asked what she would do if the decision was left to her, Fraser said that it was "highly likely that we would have a materially reduced presence, if any at all in the country."

Lawmakers also asked the CEOs to condemn China's "human rights abuses," in a departure from previous hearings that tended to focus on domestic issues like housing and consumer protection. JPMorgan & Chase (JPM.N) CEO Jamie Dimon and Citigroup CEO Jane Fraser both concurred, saying their banks would follow government guidance if China were to invade Taiwan. When asked later by Republican Lance Gooden if she would condemn "ongoing human rights abuses in China," Fraser hesitated. JPMorgan's Dimon also warned the United States had to compete with global Chinese banks, which have grown in size over the last few years to become the biggest in the world. "I am going to do everything in my power to make sure we compete with the best Chinese banks in the world.

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