Mulvaney Drops Lawsuit Against Payday Lenders Hiding Behind Tribes to Charge 950% Interest Rates
This press release was originally posted through Allied Progress. Allied Progress is now Accountable.US.
Bloomberg reported today that Mick Mulvaney’s CFPB is “dropping a lawsuit against a group of payday lenders” accused “of deceiving consumers and failing to disclose the true cost of the loans, which carried interest rates as high as 950 percent a year.” The lenders were using “an American Indian tribe” in an attempt to skirt state laws.
Politico reported back on 11/27/17 that new “acting director” of the Consumer Financial Protection Bureau (CFPB) Mick Mulvaney claims “the bureau will continue to meet its legal and statutory deadlines.”
MAKE IT A DOUBLE:
Mulvaney accepted more than $62,000 from payday lenders when he was in Congress – the very industry that will benefit from his decision today. [OpenSecrets search for Payday Lenders, Center for Responsive Politics, accessed 12/13/17.]
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