U.S. consumer bureau to reconsider payday lending rule

[muriel_volestrangler]

The U.S. Consumer Financial Protection Bureau said on Tuesday that it intends to reconsider a recent rule that would significantly curb payday lending.

The rule, finalized in October under a President Barack Obama appointee and set to begin taking effect this year, would require lenders to determine if borrowers can repay debts and cap the number of loans that lenders could make to a borrower.

The decision to revisit the rule, which applies to small-dollar advances typically repaid on the borrower’s next payday, could mark the beginning of the most significant policy shifts since the Trump administration took control of the agency at the end of November.

Mick Mulvaney, the agency’s acting director and President Donald Trump’s budget director, had previously said he supported efforts by the U.S. Congress to undo the rule and was exploring his options for revisiting the rule as it takes effect.

https://www.reuters.com/article/us-usa-consumer-payday/u-s-consumer-bureau-to-reconsider-payday-lending-rule-idUSKBN1F52NV

See also - Dec 8th:

Trump Financial Regulator Mulvaney Pushed CFPB To Back Off Industry That Bankrolled Him

Consumer Financial Protection Bureau chief Mick Mulvaney repeatedly pressed the agency to back off lending regulations as financial industry donors were bankrolling his congressional bids, according to government documents obtained by International Business Times. Some of the letters signed by Mulvaney that pressured the agency came within weeks of him raking in campaign contributions from payday lending industry donors who were urging the CFPB to stand down.

In response to an IBT open records request, the CFPB released 268 pages of correspondence between the agency and Mulvaney during the Republican’s six years in Congress representing South Carolina —which is home to one of the largest payday lenders in America. President Donald Trump recently appointed Mulvaney to run the CFPB, which Mulvaney had previously criticized.

IBT has published the full trove of Mulvaney’s congressional correspondence with the CFPB and made the documents word-searchable. Click here to see the documents.

During his congressional campaigns, Mulvaney vacuumed in more than $567,000 from donors in the commercial banking, credit and securities/investment industries, according to data compiled by the Center for Responsive Politics. That includes more than $55,000 from donors in the payday and title loan industry, according to data from the National Institute on Money in State Politics.

Read more: http://www.ibtimes.com/political-capital/trump-financial-regulator-mulvaney-pushed-cfpb-back-industry-bankrolled-him

https://www.democraticunderground.com/10141934368

Mulvaney is not an economist. He’s a jumped-up Tea Party congressman who’s been out there shilling for this very industry ever since he entered public life. From USA Today:

Payday lenders gave $31,700 in 2015-16 federal campaign cycle contributions to Mulvaney, ranking him ninth among all congressional recipients from the sector, according to data analyzed by the Center for Responsive Politics. Asked whether the contributions influenced his position on the rule and could pose a conflict of interest, Mulvaney said, "I don't think so, because I am not in elected office anymore." He added that he had no plans for any future political races.

I’m convinced. Once bought, Mulvaney stays bought. Got it.

http://www.esquire.com/news-politics/politics/a15336408/payday-loan-mulvaney/

[Le Gaucher]

1. yes .. the poor suckers deserve to be exploited

Republicans are blood sucking vampires

[janterry]

2. +1000

[Freethinker65]

3. And here we go. Just shut the department down and let the loan sharks and charlatans go unregulated