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Speaker 1: Funny twenty looks a lot different than it looked in

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Speaker 1: President Trump was sent here to smash conventional norms in

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Speaker 1: a sense Bernie Sanders has already want. This is Bloomberg

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Speaker 1: Sound on Bloomberg D two. Busy day, busy, busy day,

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Speaker 1: lots to get through. An all star group of line

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Speaker 1: up for to help us navigate through all of this.

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Speaker 1: Consumer Financial Protection Director Kathy Craninger is going to call

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Speaker 1: in to lead us off on the show. She's been

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Speaker 1: working on the Cares Act and implementation of it, and

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Speaker 1: she's gonna guide us through how to be on the

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Speaker 1: lookout for fraudsters. There's been I've gotten so many text messages,

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Speaker 1: email scams, telemarket all of this nonsense. And Kathy Craninger

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Speaker 1: is the director of the CFPB, the Consumer Financial Protection Bureau,

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Speaker 1: and she's gonna lead all of us through what's it

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Speaker 1: beyond the lookout for. Then we check in with Congresswoman

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Speaker 1: Brenda Lawrence, a Democrat from Michigan. Jack Kingston's gonn a

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Speaker 1: phone in, and David Dwyer, who is the global director

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Speaker 1: of research at Bloomberg Intelligence. And there's a new tracker

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Speaker 1: out on the Bloomberg Intelligence coronavirus that shows signs of

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Speaker 1: deceleration in the United States and Europe because everyone is

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Speaker 1: socially being distant, so we have a lot to get through.

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Speaker 1: A great show. I got so angry last night when

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Speaker 1: I got off for because I I clicked on this

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Speaker 1: story and here it is, and and about these fraudsters,

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Speaker 1: these bogus vaccine kits that they're selling two Americans all

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Speaker 1: over the country. What kind of person do you have

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Speaker 1: to be to to be a fraudulent fraudster? Slee's bag.

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Speaker 1: In this day and age, I can't even tell you

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Speaker 1: how I rate I became over this. It's why I'm

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Speaker 1: so grateful to the Consumer Financial Protection Bureau Director Kathy

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Speaker 1: Grantager for agreeing to come back on my program to

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Speaker 1: balk us through how to avoid this. So, Kathy, thanks

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Speaker 1: for being here. First of all, if people are getting scammed,

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Speaker 1: what do they do well? Kevin, it is great to

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Speaker 1: be with you, and and obviously I share your anger.

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Speaker 1: It is truly sad, but sadly true that too many

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Speaker 1: people do take advantage of others and take advantage of

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Speaker 1: these terrible circumstances and are going after, praying after vulnerable

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Speaker 1: people in society. And so first and foremost, the CFTB

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Speaker 1: is here along with a number of other state attorneys

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Speaker 1: general and the Department of Justice, the Federal Trade Commissions

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Speaker 1: to try to shut down scammers that are coming at

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Speaker 1: consumers with all kinds of fake information. You pointed out,

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Speaker 1: there are people trying to sell fake cures and vaccines

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Speaker 1: and treatments. Uh. There are phishing scams claiming to come

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Speaker 1: from the World Health Organization and from the CDC, you know,

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Speaker 1: trying to trick recipients the download mal where so a

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Speaker 1: lot of different scams coming at you with the with

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Speaker 1: the COVID nineteen angle. But but what consumers need to

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Speaker 1: do is first be vigilant. Uh. The the old adage,

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Speaker 1: if it sounds too good to be true, it probably is. Um. Certainly,

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Speaker 1: when those entities are contacting you, you should be skeptical.

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Speaker 1: And so being vigilant and being skeptical of that and

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Speaker 1: reporting those scams is what we would seek to have

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Speaker 1: consumers do. The County crandingers On Lune's the director of

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Speaker 1: the Consumer Financial Protection Bureau. You know, I was also

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Speaker 1: reading and prepping for this interview cath about the Treasury

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Speaker 1: checks that are that are going to be deposited into

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Speaker 1: folks accounts. Talk to us about precisely the only way

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Speaker 1: to get this check, because they are scamming the this

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Speaker 1: this is what alarms me. People are getting scammed on

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Speaker 1: the helicopter cash. It's going out. That's awful. So what's

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Speaker 1: the only way people can get the check and what

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Speaker 1: should people be looking for for frauds to as who

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Speaker 1: are trying to give out fake versions of that check. Now, absolutely,

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Speaker 1: again this is aid that people truly need their Unfortunately

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Speaker 1: a lot of people who are experiencing loss of income

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Speaker 1: and so this is meant to go straight to the

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Speaker 1: American people and and support them in their time of need.

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Speaker 1: So the kind of fraud that is perpetrated in this

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Speaker 1: situation is if people contacting you claiming they can give

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Speaker 1: you a cash advance or claiming that they can that

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Speaker 1: they need information from you. You. You never want to

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Speaker 1: give your social Security number out to someone that calls

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Speaker 1: you on it that the government will not call you

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Speaker 1: and ask you for your Medicare number, your social Security number.

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Speaker 1: I want to repeat that because I got this call.

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Speaker 1: I want to and I'm not trying to interrupt you folks,

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Speaker 1: wake up, listen if you get a phone call and

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Speaker 1: they ask you for your Social Security number or your

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Speaker 1: UH or or any other personal information. You just heard

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Speaker 1: it from a government part the the person in charge

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Speaker 1: of stopping these frauds. They're not going to ask you

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Speaker 1: to do that to get the check. So it's a

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Speaker 1: fraud if that's what they ask you on the telephone, right, Kathy,

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Speaker 1: that is absolutely the case. Just still provide that personally

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Speaker 1: identifiable information by phone or when solicited by text or email.

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Speaker 1: The government's not gonna ask you for that, all right.

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Speaker 1: Another question I had going through my notebook. Let's say

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Speaker 1: you have to file a complaint. Who do you about

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Speaker 1: I don't know, not being able to pay? Are you

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Speaker 1: qualify for a deferred payment or whatnot? Or maybe your

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Speaker 1: mortgage lender or maybe it's a carrier is saying, oh,

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Speaker 1: you owe this much money because you re late on

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Speaker 1: this fee. And you're like, wait a minute, no, I

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Speaker 1: qualify for this benefit. Who do you file a complaint to?

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Speaker 1: How do you file a complaint? Now, that's a that's

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Speaker 1: a great question, Kevin. I can tell you that Consumer

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Speaker 1: Finance dot Gov is a great source for information. We

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Speaker 1: have a lot of creditors and servicers who are who

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Speaker 1: are being um trying to serve consumers and who are

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Speaker 1: a little overwhelmed by the numb group of people that

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Speaker 1: have questions that want to understand their options. So Consumer

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Speaker 1: Finance dot gov we try to lay out what your

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Speaker 1: options are and make sure you have the right information

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Speaker 1: to approach them. And then if you have a concern

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Speaker 1: or a complaint or your interaction with your credit or

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Speaker 1: doesn't go the way you think it should, absolutely use

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Speaker 1: our complaint system. We have a complaint database at Consumer

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Speaker 1: Finance dot gov. Where you have a challenge with a

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Speaker 1: financial service or products, you can come to us. If

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Speaker 1: there are any other kinds of products, you can go

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Speaker 1: to the Settle Trade Commission. So their sentinel system except complaints,

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Speaker 1: and that is a great source of of of place

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Speaker 1: to go. And we're monitoring that to see what what

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Speaker 1: scams are happening, to see what experiences consumers are having

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Speaker 1: in the marketplace, and making sure that we're on top

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Speaker 1: of how to address them. Lock them up, Kathy, anyone

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Speaker 1: who's scamming people right now, Lock them up. You guys,

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Speaker 1: just put this out. You've been so generous with your time.

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Speaker 1: This will be my final topic h the Guide to

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Speaker 1: Coronavirus mortgage relief options. If you're among those financially impacted

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Speaker 1: by the coronavirus pandemic, you might be concerned about how

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Speaker 1: to pay your mortgage e rent. Federal and state governments

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Speaker 1: have announced plans to help struggling homeowners during this time.

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Speaker 1: Earlier in the week, it was last week. All the

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Speaker 1: days are blurring together at this point. I interviewed Mark

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Speaker 1: Collabria about everything that the government is doing with mortgages

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Speaker 1: and rent. How's the CFPB impacting folks with their mortgage

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Speaker 1: and their rent. Well, we've got great information there, I

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Speaker 1: will say. In terms of carrying it out, it is

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Speaker 1: it is Mark Collabria's job, and it's also UH the

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Speaker 1: Housing and Urban Development Department that that helps homeowners directly

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Speaker 1: with the programs m But what we have at the

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Speaker 1: CFTB in Consumer Finance dot Gov is information again to

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Speaker 1: tell you what your rights are, what you should expect

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Speaker 1: under the Cares Act. But you've got some important options

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Speaker 1: in terms of forbearance and and certainly the prohibition that

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Speaker 1: the Congress passed and the President signed into law, UM

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Speaker 1: those with federally backed mortgages, you know, having the foreclosure moratorium.

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Speaker 1: They have a right to forbearance which means they get

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Speaker 1: to have a payment deferral. And so those are all

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Speaker 1: things that are laid out at Consumer Finance dot gov

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Speaker 1: for consumers to to check out and and make sure

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Speaker 1: they have the right information to to exercise those right

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Speaker 1: you know. And and I hate to use this show

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Speaker 1: as a soapbox because look, I mean, listen, I want

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Speaker 1: to watch Tiger King just as much as anybody else. Okay,

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Speaker 1: but with all of this legislation and and all of

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Speaker 1: these new guidelines and resources, not even guidelines, resources that

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Speaker 1: are coming fast and furious daily, take a minute for yourself,

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Speaker 1: Take fifteen minutes for yourself, folks, and and do the research.

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Speaker 1: Read it. Go to the primary source, Consumer Finance dot gov,

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Speaker 1: Go to the Small Business Administration SPA dot gov. Talk

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Speaker 1: to your banker, talk to your talk to these people.

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Speaker 1: To these people because they will help guide you through this.

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Speaker 1: You have new tools in your toolbox to get you

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Speaker 1: through this time that didn't exist a week and a

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Speaker 1: half ago. But you gotta educate yourself on him. Last word,

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Speaker 1: Kathey Crangers, CMPP director, what do you want people to know?

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Speaker 1: I just you know, absolutely be be vigilant against these scammers. UM,

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Speaker 1: don't cheer your personal information. And if you need any assistance,

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Speaker 1: there are options for you and and check them out

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Speaker 1: of consumer Finance. That Gov. It's Kevin. Thanks for having

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Speaker 1: me anytime. Kathy, thank you so much for stopping you.

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Speaker 1: I know you've had a really busy week, so we

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Speaker 1: appreciate that. Pivoting now, so to congressional reaction on the

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Speaker 1: Phase four I'm the economic stimulus and just three set here.

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Speaker 1: I'm Kevin Surli, Chief Washington Correspondent. We're on standby for

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Speaker 1: President Trump's daily Coronavirus Task Force briefing. So we're ripping

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Speaker 1: up the script to quote top gat and we're getting

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Speaker 1: rid of the brakes. So UM. Joining me on the

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Speaker 1: line now is Congresswoman Brenda Lawrence, who joins us from

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Speaker 1: the great State of Michigan, Democrat from Michigan. Congresswoman, how

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Speaker 1: are you. I am safe and going well. I appreciate

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Speaker 1: that I have nothing to complain about. Just filled with

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Speaker 1: immense gratitude, uh for you know, health, health, all the

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Speaker 1: basic things. Congresswoman. Thank you. Uh, Congresswoman, you know so

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Speaker 1: much of my reporting throughout the past twenty four hours

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Speaker 1: has been on implementation of the Cares Act and also

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Speaker 1: turning toward Economic Stimulus Phase four. My colleagues over on

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Speaker 1: the Bloomberg Terminal, they reported about what the White House

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Speaker 1: is circulating. Where do you stand, Congresswoman in terms of

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Speaker 1: Phase four the economic stimulus, Now that two months out

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Speaker 1: from now, it's everyone's agreeing, there's gonna be people are

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Speaker 1: gonna need more. You know, there were so many things

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Speaker 1: that were excellent in the stimulus package, but there were

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Speaker 1: many things that were left out. And so when I

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Speaker 1: think about sphase for I'm thinking about the postal workers

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Speaker 1: who were not given the tools to be able to

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Speaker 1: survive this crisis. Many people forget that every day they're

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Speaker 1: getting mail at their home, that the delivery of mail

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Speaker 1: is part of our Republicans in our constitution, and we

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Speaker 1: did not provide the resources for them. Municipalities, the cities

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Speaker 1: that are using every resource they have in revenue has

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Speaker 1: not been coming in as you know, as these companies

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Speaker 1: struggle and taxpayers are trying to figure out how to

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Speaker 1: pay their bills. I was a mayor doing that housing

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Speaker 1: crisis that is devastating to our municipalities, and so we

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Speaker 1: are telling them do not shut off water, do not

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Speaker 1: shut off utilities. And as we move forward, I'm focused

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Speaker 1: on the people and then the issue with the small businesses.

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Speaker 1: I can tell you I am I'm on pins and

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Speaker 1: needles because we have for the small businesses to get loan.

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Speaker 1: But is it going to be enough? I don't think

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Speaker 1: it is. I mean to be quite frank with you.

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Speaker 1: Do you no, I don't. Yeah. So earlier today the

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Speaker 1: Treasury Department, I want to find it the direct quote

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Speaker 1: because one of the questions that I've been getting a

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Speaker 1: lot from the business community and people in the banking

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Speaker 1: world is are the loans retroactive? And what do I

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Speaker 1: mean by that? They you and your colleagues and the

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Speaker 1: President all allocated Congresswoman Lawrence Democrat from Michigan joining us

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Speaker 1: on the line, allocated a ton of money, like two

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Speaker 1: fifty billion dollars worth of grants and loans through the

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Speaker 1: small business Yeah yeah, but just the SPA portion. Yeah, so,

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Speaker 1: and businesses while respectfully, people were having to make some

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Speaker 1: really tough choices over the last few weeks while Congress

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Speaker 1: got this all over the finish line and they had

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Speaker 1: to furlough people. But what this does is it's retroactive.

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Speaker 1: Can you just hammer home the point for me, Congresswoman

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Speaker 1: Brenda Lawrence on the line from Michigan, about how even

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Speaker 1: if a small business had to furlough people, they can

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Speaker 1: hire those people back retroactively and still qualify for these loans.

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Speaker 1: Can you just hammer home that point. Yes, The dates

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Speaker 1: that this provision covers starts on February I think it's

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Speaker 1: the twelfth of the fourteen, and it's yes. So what

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Speaker 1: happens is that if you bring you the employees back,

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Speaker 1: it doesn't have to be the same employee, but if

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Speaker 1: you ramp back up and hire your loan will be

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Speaker 1: forgiven in a year. And so that's the part that

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Speaker 1: is very very important for the business community to understand,

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Speaker 1: is that if you want your loan forgiven, you need

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Speaker 1: it ramp backed up in higher employees. Again, Amen, Amen,

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Speaker 1: that is so incredibly important. If you want your loan forgiven,

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Speaker 1: you have to hire the people back. All right, So

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Speaker 1: we got through the specifics. Congressman Brenda Lawrence is on

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Speaker 1: the line. She's been so generous with their time. Democrat

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Speaker 1: from Michigan. You talked about what you want to see

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Speaker 1: an economic stimulus phase four? What about uh, what else?

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Speaker 1: I mean I mean, truthfully, you're talking about postal workers,

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Speaker 1: you're talked about hospital workers and the like. Do you

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Speaker 1: foresee this being a tougher battle, Congresswoman, Because I gotta

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Speaker 1: be honest. When I talked to staffords on both sides

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Speaker 1: of the aisle, they think that this is going to

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Speaker 1: be a much tougher battle politically to get this over

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Speaker 1: the finish line. Uh. Do you foresee that? Yes? I do,

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Speaker 1: because the need is getting greater and greater. You know,

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Speaker 1: we approved fuel funder talents for every American, how of her.

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Speaker 1: We only have X amount of dollar, and we want

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Speaker 1: to do the right thing. And as the need grows,

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Speaker 1: and you and I both fell if you have a family, uh,

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Speaker 1: and you're getting five hundred dollars a child, and you're

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Speaker 1: getting two hundred dollars for an adult that doesn't usually

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Speaker 1: pay all the bills. And so now you can't you

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Speaker 1: can't say people are lazy because they can't work. And Uh,

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Speaker 1: we got to talk about are the broad DAN access.

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Speaker 1: That's something that a lot of people are talking about.

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Speaker 1: All our children at are at home. There's many places

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Speaker 1: in America who do not have access to internet and

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Speaker 1: the broad dand infrastructure commitment is a critical issue now.

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Speaker 1: People telling people to go and tell U tell a

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Speaker 1: work that's not a reality for everyone. You know, Can

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Speaker 1: I ask you this? Amen? I mean, and and you're

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Speaker 1: you're absolutely right on that last question or last topic.

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Speaker 1: Just you know China and and General Secretary of shi

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Speaker 1: Jing Ping and and you know, and and the and

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Speaker 1: the lack of information, the lack of transparency and the

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Speaker 1: lack of data that was coming out of Wuhan, and

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Speaker 1: quite frankly, is I don't even know if I can

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Speaker 1: believe the numbers that are coming out of China and

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Speaker 1: and and what they're doing. As a member of Congress,

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Speaker 1: are you frustrated about the lack of transparency that China

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Speaker 1: has showed this entire time? And I'm wondering what pressure

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Speaker 1: can the United States put on China to prevent this

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Speaker 1: from something like this from happening again. I'm gonna say this,

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Speaker 1: and some will say this is political, but I can

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Speaker 1: tell you our foreign relations are our diplomatic relationships are

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Speaker 1: fraid in many areas. It is important that we understand

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Speaker 1: the important of international partnerships, international coalitions so that we

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Speaker 1: can see what's what's happening, what's moving and we have

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Speaker 1: UM a blueprint for us to have a flow of communications,

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Speaker 1: find out what's happening, and so that we can protect America.

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Speaker 1: When we say America alone, it doesn't work. This situation

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Speaker 1: with China is just horrible. But you still have our

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Speaker 1: president says he's a great guy, he's my friend, and

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Speaker 1: I like, I don't give a darn about your friendship.

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Speaker 1: I'm very, very concerned about the lack of transparency. And

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Speaker 1: I right now and zero focus on trying to get

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Speaker 1: America through this, through this, and then Dimmick and we

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Speaker 1: in the in the future, we're gonna have to pay

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Speaker 1: attention to when we pull out of these UM diplomatic

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Speaker 1: partnerships and coalitions and saying we don't want to work

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Speaker 1: with them anymore. We have to keep the lines of

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Speaker 1: communication open an ally in today's world because this planet

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Speaker 1: is getting smaller and smaller. Look at this, how this

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Speaker 1: pandemic it's gone all over this glow. It's crazy. We

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Speaker 1: have to work in a in a in a in

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Speaker 1: a way that we are building allies and we're building

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Speaker 1: partnerships so that we can survive on this earth. Well,

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Speaker 1: on that note, and just two more quick questions, just

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Speaker 1: on that note, Congressman, and I've asked us to Republicans

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Speaker 1: have been on the show in the last week as well,

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Speaker 1: So I'm not I'm not playing gotcha here. Did anyone

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Speaker 1: in any did you, did any of your colleagues, any

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Speaker 1: of you see this coming? I mean, I remember just

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Speaker 1: a couple of weeks ago, I went back and I

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Speaker 1: watched some of the reporting from Wuhan as it was

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Speaker 1: happening in late December and early January, and I just

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Speaker 1: had the thought, why did we not think that this

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Speaker 1: could happen here or in Europe or anywhere? So did

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Speaker 1: you do you feel that, like, did anyone know that

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Speaker 1: this could happen here? I can tell you I can

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Speaker 1: verify this that there was classified information given to the

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Speaker 1: administration about how this was growing. I never got a

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Speaker 1: briefing on it. I did not have the sense that

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Speaker 1: this would be the impact that is having on the world,

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Speaker 1: not to mention the United States. And so I'm I

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Speaker 1: am very disturbed that if there was classified information given

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Speaker 1: to give us a four warning that we could begin

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Speaker 1: doing the things we're doing now to protect the people's

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Speaker 1: faith lives, to protect our economy, and protect this country.

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Speaker 1: This is unacceptable, and you know it's it's a time

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Speaker 1: where you don't want to waste your time pointing fingers

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Speaker 1: because we have a more pressing issue that to face

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Speaker 1: people's lives right now. Tell someone just the final question

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Speaker 1: when you when you and you've always been someone I respected,

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Speaker 1: Just your your story, worry just having worked. You worked

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Speaker 1: for the federal government for thirty years in the US

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Speaker 1: Postal Service, and you started as a letter carrier and

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Speaker 1: then worked in human resource management, retired in two thousand

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Speaker 1: and eight, and then got this whole new career as

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Speaker 1: an elected as an elected official. But when you talk

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Speaker 1: about I A. I hear you, Congresswoman Brenda Lawrence, Democrat

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Speaker 1: from Michigan, when you talk about postal workers, and you

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Speaker 1: know there are are all the people serving and our

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Speaker 1: grocery stores and obviously and the and the medical on

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Speaker 1: the front lines and the hospitals and everything. Talk to

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Speaker 1: me about the importance of protecting our carriers right now,

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Speaker 1: both at the US Postal Service, but also at Amazon

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Speaker 1: and all of these other delivery services around the country,

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Speaker 1: because they are you know, it's it feels like the

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Speaker 1: holiday season again with how much people are relying on services,

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Speaker 1: on getting deliveries the line, and as we the postal

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Speaker 1: service has been struggling on a financial of because of

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Speaker 1: some formulas that we inflicted upon them in our government.

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Speaker 1: They make all people don't realize that they make all

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Speaker 1: of their revenue. The federal government doesn't give them any money.

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Speaker 1: They regulate them. All of their money comes from the

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Speaker 1: seal of their postage, and that the postal service is

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Speaker 1: something now every day you're getting your mail in the box.

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Speaker 1: I had a customer called me, I mean a client

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Speaker 1: of resident called me about wanting to to pay her

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Speaker 1: bills because she scat her mail and she knew what

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Speaker 1: was doing in her financial situation. We first of all,

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Speaker 1: we weren't even thinking about them when it came to

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Speaker 1: personal protective equipment, and we had to raise the flag

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Speaker 1: and say, look, when you're talking about frontliners, they're in

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Speaker 1: some buildings. There are five hundred, six hundred people working together.

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Speaker 1: They're not distiny, they're working. In addition to that, we

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Speaker 1: have to make sure that they're financially stable so they

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Speaker 1: can continue to keep our economy and our commerce movie.

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Speaker 1: The postal service is one that is in our constitution,

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Speaker 1: that is part of how we conduct business and it's protected,

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Speaker 1: and that every American can expect to be able to

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Speaker 1: have that mode of communication. I think yes, and and

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Speaker 1: you know, and we'll have you back on to talk

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Speaker 1: about financial services in the US postal industry. There's been

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Speaker 1: a lot of chatter over the last couple of years

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Speaker 1: and members of Congress about building on the infrastructure of

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Speaker 1: the U. S. Postal service that is already in every

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Speaker 1: town in America. Uh and and and you know, leveraging

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Speaker 1: it for for something else. Congress froman Benda Lawrence, Democrat

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Speaker 1: for Michigan, thank you so much, my friend for for

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Speaker 1: calling and I appreciate it. Okay, thank you