So when Richard Cordray resigned as director of the Consumer Financial Protection Bureau – one of the best ideas to come out of the Dodd-Frank financial reforms after the Great Recession – Trump sent Mulvaney to take over until he find a permanent director.
Always beholden to special interests, Mulvaney immediately put a stop to the CFPB’s consumer protections, which helped relieve tens of thousands of consumers who were victims of usurious bank charges, mortgage fraud and credit card abuse. For once, consumers were back on a par with corporate conglomerates who saw them as easy prey to improve their bottom line.
One of Cordray’s latest acts was to put in place restrictions on the notorious payday lending industry that has cheated America’s most financially vulnerable workers, charging fees amounting to 500-600% interest. on short-term loans that often overwhelm their customers. endless debt.
So guess what? Our friend Mike Mulvaney shows once again that he does not work in the public interest, but for the special interests that have traditionally greased the skates of his election campaigns. Since taking the reins of office, he has slowed down the new rule and dropped a case brought by Cordray against a South Carolina payday lender who happens to be a big contributor to Mulvaney’s election campaigns. Indeed, according to the Center for Responsive Politics, Mulvaney raised $ 63,000 in donations from the sleazy industry.