Mulvaney Protects Payday Lenders And Loan Sharks As Head Of CFPB

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Mick Mulvaney

Trump’s appointee to head the Consumer Financial Protection Bureau, Mick Mulvaney is dropping a lawsuit against a loan shark company that charges people up to 950 percent interest rates. The company, Golden Valley Lending is officially headquartered on an Indian reservation and claims its loans are governed by tribal law. A CFPB lawsuit that took years to build against Golden Valley alleged the loans, which are made across the country, are illegal.

Additionally, Mick Mulvaney reportedly delayed a CFPB payday lending regulation from going into effect and dropped an investigation into a payday lender who contributed to his campaign.

“As a congressman [Mulvaney] took $62,000 plus from the payday lenders. And now at the CFPB he’s doing their bidding,” says Karl Frisch, executive director of the consumer group Allied Progress.

Mulvaney describes these actions part of a new “revised vision of the bureau,” to “fulfill its statutory responsibility but go no further,” and “acting with humility and moderation.”

The decision to drop the case against Gold Valley is particularly egregious considering the background. A backer of Golden Valley was convicted of racketeering charges in another online lender case recently.

A former CFPB attorney told NPR:

“People are devastated and angry — just imagine how you would feel if years of your life had been dedicated to pursuing justice and you lose everything,” says Christopher Peterson

What would Trump supporters say if they acknowledged this apparent blatant disregard for protecting the average American consumer?

“The Trump administration is just going to turn them loose and let them off the hook despite the fact they were making 950 percent interest rate loans to struggling families in ways that were illegal and unauthorized under both state and federal law,” Peterson said.

NPR spoke to anonymous CFPB staffers, who claim it was Mulvaney’s decision to drop the lawsuit, while his press representative initially claimed the decision was made by “professional career staff.” After repeated questions, the spokesperson finally broke down and admitted that Mulvaney was involved in the decision. The news outlet detailed the cases of real people who were victimized by the outrageous loan interest rates.

Decisions like this are typical of Mulvaney, former Congressman from South Carolina, member of the House Freedom Caucus, and former Trump budget director.

Just days ago, Mulvaney also pulled the plug on the Equifax breach investigation, which compromised important data for half of all adult Americans.

Is it a case of pure incompetence, blatant corruption, conservatism gone way too far right, or just another case of Trump appointing someone to destroy the agency they are appointed to? You decide…

Meanwhile, check out this video below:

Walter Shaub, former Director, Office of Government Ethics, shared a hilarious video of Mulvaney, who was apparently unable to figure out how to work the phone. Rachel Maddow’s reaction is priceless.

For more on Mulvaney’s actions since taking over the CFPB, see this video from the Los Angeles Times:


Featured image: Screenshot via YouTube

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