Waters, Warren Lead Letter Pressing Mulvaney on Sudden Actions to Benefit Payday Lenders
Concerns Raised about Mulvaney's Close Ties to Payday Loan Industry
Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services and Senator Elizabeth Warren (D-MA), Ranking Member of the Banking, Housing and Urban Affairs Subcommittee on Financial Institutions and Consumer Protection sent a letter to Acting Consumer Financial Protection Bureau (Consumer Bureau) Director Leandra English and Director of the Office of Management and Budget Mick Mulvaney, questioning Mulvaney's recent actions that benefit payday and installment lenders.
“The CFPB spent five years honing the Payday Rule, conducting research and reviewing over one million comments from all types of stakeholders: from payday lenders, to state regulators, to faith leaders,” the lawmakers wrote. “This work produced a targeted and balanced rule that will keep many American families from falling into debt traps.”
In the letter, the lawmakers expressed concern that the Consumer Bureau's recent actions may be connected to Mulvaney's close ties with the payday loan industry, which gave him nearly $63,000 in campaign contributions, including $4,500 from the World Acceptance Corporation political action committee. Mulvaney has yet to answer Senator Warren's November 28 inquiry about his ethics arrangements and recusals.