Favorite Congressman of Predatory Lenders Says Elizabeth Warren Should Be Neutered
Rep. Blaine Luetkemeyer Tells Bankers They Need to “Find a Way to Neuter” Sen. Elizabeth Warren, Calls Her “Darth Vader of the Financial Services World.”
“Rep. Blaine Luetkemeyer, a senior member of the House Financial Services Committee, told a conference of bankers this morning that they need to “find a way to neuter” Sen. Elizabeth Warren, whom he described as ‘the Darth Vader of the financial services world.’ Luetkemeyer was speaking on a panel with Democratic Sen. Heidi Heitkamp and Rep. Ed Perlmutter at an American Bankers Association conference in Washington.” [Politico, “Luetkemeyer Tells Bankers to ‘Neuter’ Warren,” 3/16/16 Behind Paywall]
Rep. Luetkemeyer Has Received More Than $1 Million From Banks and Powerful Financial Institutions.
During his congressional campaign and career, executives and political action committees from banks and other financial institutions have contributed more than $1 million to Rep. Luetkemeyer’s political endeavors. [Center for Responsive Politics, 2007-2016, Accessed 3/16/16]
- Commercial Banks: $492,350
- Securities & Investment: $249,400
- Finance/Credit Companies: $209,400
- Miscellaneous Finance: $89,250
- Total: $1,040,400
The Predatory Lending Force Is Strong With Him.
Rep. Luetkemeyer Has Taken $63,500 From Payday Lenders During His Congressional Career. He Even Addressed Their Annual Conference at a California Luxury Golf Resort Via Video.
During his congressional campaigns and career, Rep. Luetkemeyer has raked in at least $63,000 in campaign cash from the payday lending industry. So smitten are payday lenders with the Congressman, the industry’s special interest trade group – the Community Financial Services Association of America (CFSA) – even played a video from Luetkemeyer for those attending their annual conference at a luxury golf resort in Carlsbad, California. [Center for Responsive Politics, 2007-2016, Accessed 3/16/16; Columbia Daily Tribune, “Conference Sheds Light On Payday Loan Industry,” 10/11/15]
On Several Occasions, Rep. Luetkemeyer Has Accepted Thousands of Dollars in Campaign Cash from Predatory Payday Lenders Just Before or Soon After Taking Official Actions to Benefit the Industry
- On February 5, 2015, Rep. Luetkemeyer sponsored HR 766 — legislation that would end Operation Choke Point, a Department of Justice (DOJ) effort that targets unscrupulous lending practices. The week before the legislation came to the House Financial Services Committee for a vote on July, 29, 2015, Luetkemeyer took $1000 from a payday lending industry executive and in the three weeks that followed, he took another $4,500 from industry executives and political action committees. [Congress.gov, HR 766; Luetkemeyer FEC Filing]
- On June 5, 2014, the payday lending industry trade group CFSA filed a lawsuit against the FDIC over Operation Choke Point, a Department of Justice (DOJ) effort that targets unscrupulous lending practices. Over the next week, payday lending industry executives and PACs contributed heavily to the campaign of Rep. Luetkemeyer who then filed HR 4986 – legislation that would end Operation Choke Point. [CFSA v. FDIC, Complaint Filed, 6/5/14; Luetkemeyer Press Release, 6/26/14; Congress.gov, HR 4986; Luetkemeyer FEC Filing]
- On July 18, 2012, Rep. Blaine Luetkemeyer of Missouri introduced HR 6139 – legislation that experts said would undermine oversight of payday lenders by allowing them to bypass the regulatory authority of the CFPB and stronger state laws. The day before, Luetkemeyer refunded a $2,500 campaign contribution to the CFSA’s PAC. Exactly two months later he received a contribution from the CFSA for double the original amount. [Congress.gov, HR 6139; Luetkemeyer FEC Filing]