Daily Archives: June 9, 2017

Exclusive: Deutsche Bank says privacy laws prevent Trump financial disclosures

Deutsche Bank AG is not allowed to share information it may have about President Donald Trump’s finances and his possible ties to Russia despite a request from U.S. lawmakers, the German lender told Congress on Thursday.

In a letter to five House Democrats, Germany’s largest bank said it was barred from sharing information about Trump’s finances due to U.S. privacy laws.

“We hope that you will understand Deutsche Bank’s need to respect the boundaries that Congress and the courts have set in an effort to protect confidential information,” lawyers for the bank from Akin Gump Strauss Hauer & Feld wrote in the letter.

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U.S. joins whistleblower lawsuit that accuses Los Angeles of misusing HUD money

The federal government is joining a lawsuit that accuses the city of Los Angeles of misusing hundreds of millions of dollars from the Department of Housing and Urban Development that were earmarked for providing accessible housing for people with disabilities, the Department of Justice announced this week.

The lawsuit, which stems from a whistleblower complaint, alleges that the city of Los Angeles and the CRA/LA (formerly the Community Redevelopment Agency of the City of Los Angeles) falsely certified that they were in compliance with federal accessibility laws in connection with housing grants from HUD.

The lawsuit alleges that Los Angeles applied for “millions of dollars” in federal money, some of which it provided to the CRA/LA, for the development of affordable housing that is accessible for people with disabilities.

In order to receive the HUD funds, the city and the CRA/LA are required to comply with federal accessibility laws, including Section 504 of the Rehabilitation Act and the Fair Housing Act, and the duty to affirmatively further fair housing. These measures are meant to ensure that people with disabilities have fair and equal access to public housing.

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House Votes to Roll Back Post-2008 Financial Rules

WASHINGTON (AP) — The Republican-led House approved sweeping legislation Thursday to undo much of former President Barack Obama’s landmark banking law created after the 2008 economic crisis that caused millions of Americans to lose their jobs and homes.

The largely party-line vote was 233-186, as Republicans argued the rules designed to prevent another meltdown were making it harder for community banks to lend and hampered the economy. No Democratic lawmakers supported the measure; only one Republican opposed it.

“Our community banks are in trouble,” said Speaker Paul Ryan, R-Wis. “They are being crushed by the costly rules imposed on them by the Dodd-Frank Act. This law may have had good intentions but its consequences have been dire for Main Street.”

House passage was widely expected, but the Republican overhaul of the 2010 Dodd-Frank law is unlikely to clear the Senate in its current form. Senators have said they’ll spend the next few months trying to find common ground on legislation designed to boost the economy. Potential areas for compromise include changes to how much capital banks must maintain and decreasing the paperwork burden for small lenders.

President Donald Trump had said he wants to do “a big number” on Dodd-Frank, and the House vote marks progress toward that goal.

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