Mulvaney’s Bad Move

A Bloomberg editorial notes the damage being done by Mick Mulvaney at the CFPB:

The acting director of the Consumer Financial Protection Bureau, Mick Mulvaney, appears to have identified one of the first services he will free from what he has called “a bureaucracy that has gone wrong” — payday lenders.

That’s too bad, because the CFPB was making progress in curbing the industry’s excesses.

And:

…just as lenders were preparing to adapt, Mulvaney is changing course. On the day the new payday-lending rules went into effect, the bureau announced that it plans to reconsider them. And in a strong signal of its intentions, it moved to drop a lawsuit against four lenders that had circumvented state laws by associating themselves with Native American tribes — a corner of the online-lending branch of the industry, which has been responsible for some of the worst abuses.

It seems the Trump Administration has chosen to put the interests of legalized loan sharks ahead of consumers.

For more on our work to protect consumers, follow @TNCitizenAction


 

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