Needless to say, by this time around Hodges had used a full-time lobbyist to focus on the guideline. That he never “lobbied the administration, ” in 2017 he hired Al Simpson, totally coincidentally the former chief of staff to Mick Mulvaney when he served in Congress though he told the Post. Simpson’s lobbying work dedicated to the “small buck rule, ” also known as the lending rule that is payday. He received $350,000 from 2017 to 2019 for his efforts. In which he had conferences during the White home, where Mulvaney works, at the very least 14 times for the reason that duration, based on White House visitor logs. He showed up on Mulvaney’s calendars in a single period in 2017 “more frequently than anyone who is not a present federal government employee. ”
Hodges didn’t stop with lobbyists. The republican campaign arm of the House, the Republican National Committee, the Trump Super PAC America First Action, and other conservative political action committees between February 2019 and today, he and his wife Tina have contributed $688,800 to Republican candidates for Congress. Hodges also hosted a fundraiser in Tennessee this October with Vice President Mike Pence.
Just $1,500 of this Hodges’s $688,800 decided to go to Democrats: there was clearly additionally $1,000 to David Scott of Georgia, a part for the House Financial solutions Committee whom usually votes in a fashion that is pro-business and $500 to Tulsi Gabbard, that is presently operating for president.
Within 6 months of making dozens of contributions, Hodges told their colleagues in the webinar that the White home ended up being up to speed with getting rid of the re payment provisions. And per month later on, in October for this year, five people in Congress whom took cash from Hodges along with his wife questioned Kraninger when you look at the House Financial solutions Committee concerning the re payment conditions, an extremely obscure type of questioning for the hearing that is congressional.
Representatives Blaine Luetkemeyer (R-MO), David Kustoff (R-TN), John Rose (R-TN), Frank Lucas (R-OK), and Andy Barr (R-KY) all urged Kraninger to “address inconsistencies” and “compliance burdens” in the re re payment supply. All told, the five Republican representatives received $51,200 directly from Mike and Tina Hodges since 2017.
Instantly, in a hearing ahead of the Senate Banking Committee later on in October, Kraninger stated that she’d react to Hodges’s petition to reconsider the repayment provisions. “We have duty to answer that petition inside an of it being sent to us, ” kraninger told lawmakers year.
The guidelines need just that Kraninger show up with some procedure to deal with the petition, claims Linda Jun of People in the us for Financial Reform. “I have actuallyn’t seen she says that they have to say yes or no, otherwise the industry could just ask agencies to do things all the time.
Nonetheless, Kraninger’s reviews had been regarded as a prospective reversal. Simply seven months previously, CFPB ended up being insisting on no modifications towards the payment conditions. Now its director is vowing to complete one thing regarding them. The thing that is only changed within the interim ended up being Mike Hodges firing a cash cannon at Republicans.
“Technically, she could perform some thing that is right say, ‘We have actually with all this industry enough, ’” says Derek Martin of Allied Progress. “She has a selection, cave in to the will that is political of president, or state, ‘We’re not planning to do that, we’ll protect consumers. ’”
Lobbying and culture that is pay-to-play Washington can be brazen, but seldom this bald-faced. You realize it’s occurring, you don’t often have the tape that is audio. Hodges “said aloud what we suspected all along, ” claims Jeremy Funk. “The more he is able to bundle up through the industry, the greater influence he’s gonna get. And he is believed by me. We definitely think him. ”
David Dayen may be the executive editor of The United states Prospect. Their work has starred in The Intercept, This new Republic, HuffPost, The Washington Post, the l. A. Circumstances, and much more.