WASHINGTON, D.C. – During the State of the Union address, the President said, “we have eliminated more regulations in our first year than any administration in history.” If you wish to see this deregulation he is touting in action, look to the Consumer Financial Protection Bureau (CFPB). Unlawfully appointed CFPB Acting Director Mick Mulvaney is systematically weakening vital consumer protections.
Yana Miles, Senior Legislative Counsel at the Center for Responsible Lending (CRL), issued the following statement:
Mick Mulvaney is making it easier for predatory lenders to pick the pocketbooks of American consumers – the exact opposite of the CFPB’s mission.
Since Mulvaney’s unlawful, hostile takeover, the CFPB announced it is reconsidering a commonsense rule to stop payday debt traps; dropped enforcement actions against payday, mortgage, and bail bonds companies, and a former campaign donor of Mulvaney’s; and, froze hiring and data collection. These actions encourage financial misconduct, which not only strips Americans of their wealth, but – as we saw with the 2008 financial crisis – threatens to bring down the entire economy.
The President should nominate a permanent director who can earn bipartisan support and who can be trusted to protect consumers.
Background:
For more information, or to arrange an interview with a CRL spokesperson on this issue, please contact Matthew Kravitz at matthew.kravitz@responsiblelending.org or 202-349-1859.