January 24, 2018

Another Trumpie damaging his agency

Slate - When the White House appointed Mick Mulvaney as interim director of the Consumer Financial Protection Bureau, many feared it meant trouble for the watchdog’s basic mission of shielding ordinary Americans from the banks, payday lenders, and debt collectors who prey on their pocket books. After all, Mulvaney—a renowned anti-regulatory zealot—had said in no uncertain terms that he did not think the CFPB should even exist. As a congressman from South Carolina, he was also a major recipient of campaign contributions from payday lenders; during his final election cycle, he raked in more than $31,000 from the industry, ninth among all members of Congress. (After Trump appointed him to the CBPB, Mulvaney claimed the donations wouldn’t pose a conflict of interest because, “I am not in elected office anymore.”)

So far, Mulvaney seems to be doing his best to confirm critics’ worst fears. Last week, the CFPB dropped a lawsuit in Kansas against four payday lenders without any explanation, other than a weak assurance that it would continue investigating the case. Meanwhile, International Business Times reports today that Mulvaney stealthily closed an investigation into a South Carolina-based payday lender, World Acceptance Corporation, which had previously donated to his campaigns.

1 comment:

greg gerritt said...

Time to prosecute Mulvaney