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The Trump administration plans to eliminate routine audits of lenders for violations of the Military Lending Act, according to internal agency documents, The New York Times reported on Friday.Mick Mulvaney, the interim director of the Consumer Financial Protection Bureau, plans to terminate the supervisory examinations of lenders, arguing proactive oversight is not laid out in the legislation, according to the report.The proposal to weaken oversight under the Military Lending Act, which was created to protect military service members and their families from financial fraud, predatory loans and credit card gouging, came as a surprise to advocates of military families, the report stated. Those advocates have pressed the government to put a stop to unethical lenders.The agency has been critical in fighting lender misconduct, rolling out mortgage and payday-lender rules and cracking down on bad behavior by penalizing Citigroup, Wells Fargo and many other lenders.In lieu of conducting examinations, the agency will rely on complaints from its websites, hotlines, the military and people who believe they are victims of fraud, the Times reported.President Donald Trump has tapped Kathleen Kraninger to succeed Mulvaney as chief of the consumer watchdog agency. Kraninger, who works under Mulvaney, is expected to face a tough Senate confirmation battle.Under Mulvaney, the bureau has undergone major changes opposed by both Democrats and consumer advocates. In June, Mulvaney effectively terminated a board of advocates who advised the agency about fair lending and underserved communities. The advisers were told on a conference call that the board would not meet until new members were appointed. The CFPB, however, insisted nobody had been fired.The government watchdog agency, which is charged with consumer protection in the financial sector, was created after the financial crisis with the passage of the 2010 Dodd-Frank Act. 1948
The US Olympic Committee wants to revoke USA Gymnastics' status as the sport's governing body as the organization struggles to recover from the sex abuse scandal involving?Larry Nassar.USOC CEO Sarah Hirshland has offered USA Gymnastics the option of surrendering its status voluntarily.In an open letter Monday to the United States gymnastics community, Hirshland wrote, "We believe the challenges facing the organization are simply more than it is capable of overcoming in its current form."She told the athletes they "deserve better."CNN has reached out to USA Gymnastics for reaction.The announcement comes amid turmoil for the current governing body. Nassar is the former team doctor for USA Gymnastics.Last month, USA Gymnastics lost its second president in two months when former US Rep. Mary Bono stepped down as interim president.Bono had taken over just a month after embattled president and CEO Kerry Perry quit. Perry, who held the job for nine months, was criticized for what many people characterized as inadequate action during the Nassar abuse fallout.Bono came under fire in her first few days. In one instance, a September tweet surfaced of Bono defacing a Nike logo after Nike featured former NFL quarterback and civil rights activist Colin Kaepernick in its advertising campaign. (Nike is a major sponsor of Olympic champion Simone Biles, a megastar for USA Gymnastics.)Biles was critical of Bono. She tweeted: "don't worry, it's not like we needed a smarter usa gymnastics president or any sponsors or anything," Biles tweeted. Others also criticized Bono's tweet as being tone-deaf, saying the suppression of athletes' voices allowed Nassar's abuse to continue.Days after Bono's resignation, former USA Gymnastics head Steve Penny was arrested in connection with accusations he removed documents linked to the Nassar sexual abuse case from the Karolyi Ranch gymnastics training facility in Texas, authorities said. A judge set Penny's bail at ,000.Nassar was already serving 40 to 175 years in Michigan for sexually abusing women and girls under the guise of performing medical treatment when he was indicted in June on charges linked to allegations at the Karolyi Ranch.He faces six counts of sexual assault of a child. Meanwhile, former?USA Gymnastics trainer Deborah Van Horn is facing one count of sexual assault of a child in Texas, prosecutors said. 2403

The Republican Party announced tonight that President Donald Trump will accept the GOP nomination for president in Jacksonville, Florida. The convention was originally planned for Charlotte, North Carolina.The party could not receive assurances from North Carolina's Democratic governor that a ban on mass gatherings would not be lifted in time for the convention. North Carolina, like a number of other states, have limited mass public gathering during the spread of COVID-19.“We are thrilled to hold @realDonaldTrump 's acceptance of the Republican nomination in the great city of Jacksonville!” GOP chairperson Ronna McDaniel tweeted. “Not only is Florida his home state, it is crucial to victory. We look forward to bringing this great celebration and economic boon to the Sunshine State!”The party said it will still hold a number of convention-related activities in Charlotte."Because the current North Carolina COVID-19 restrictions would not allow for the celebration to occur in Charlotte and Governor [Roy] Cooper would not work with the RNC to offer guidelines, the celebration of the nomination and the economic impact that goes with it must be moved to Jacksonville," the GOP said in a statement.Despite a rise in coronavirus cases in recent weeks in Florida, the state's Republican governor was eager to accept the relocated nomination."Florida is honored to host this special event where we will celebrate the re-nomination of President Donald J. Trump," said Florida Governor Ron DeSantis. "Jacksonville is a great city that will showcase Florida’s energy, facilities, entrepreneurship and commitment to bring together the delegates of the Republican Party at a historic time in our nation’s history." 1726
The White House on Friday announced a policy to ban most transgender people from serving in the US military.Following a Pentagon policy review after a tweet by President Donald Trump last year, the White House said the policy will say "transgender persons with a history or diagnosis of gender dysphoria -- individuals who the policies state may require substantial medical treatment, including medications and surgery -- are disqualified from military service except under certain limited circumstances." 513
The stock market had its worst day in a month as virus cases surge and help for the economy from Washington remains nowhere in sight. The S&P 500 fell 1.9% Monday, deepening its losses from last week. Stocks of companies that need the virus to abate and the economy to return to normal had some of the biggest losses. Cruise lines and airlines fell sharply. Energy stocks also dropped in tandem with crude oil prices. In another sign of caution, Treasury yields pulled back after touching their highest level since June last week. Overseas markets also fell.The drop in stock value came as coronavirus cases reached peak levels in the US over the weekend, while White House chief of staff Mark Meadows proclaimed that the US would be unable to contain the spread of the virus. 788
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