Mulvaney's CFPB Stands with Predatory Payday Lenders, Stabs Consumers in the Back
This press release was originally posted through Allied Progress. Allied Progress is now Accountable.US.
Just Weeks Into His Role As “Acting Director” Mick Mulvaney Already Doing Favors For Industry That Gave Him Thousands in Campaign Cash
WASHINGTON, D.C. – Today, following news that Mick Mulvaney’s Consumer Financial Protection Bureau (CFPB) will waive compliance and reconsider the Bureau’s rule issued earlier this year that protects consumers from predatory payday, car title, and other short-term lenders, Allied Progress released the following statement:
“As a Congressman, Mick Mulvaney took thousands of dollars from the payday industry. Now, as ‘acting director’ of the CFPB, he is returning the favor by sabotaging these important protections that would have guarded against predatory lenders and protected struggling consumers from falling into cycles of debt with sky-high interest rates,” said Karl Frisch, executive director of Allied Progress.
He continued, “The CFPB thoroughly and thoughtfully considered every aspect of this issue over the course of several years. There is no reason to delay implementation of this rule – unless you are more concerned with the needs of payday lenders than you are with the interests of the consumers these financial bottom-feeders prey upon.”