Mulvaney is my most hated Trumpster, and I just discovered another reason why
WASHINGTON — In mid-April, hundreds of members of the payday lending industry will head to Florida for their annual retreat featuring golf and networking at a plush resort just outside Miami. The resort just happens to be the
Trump National Doral Golf Club.
It will cap a year in which the industry has gone from villain to victor, the result of a concentrated lobbying campaign that has culminated in the Trump administration’s loosening regulatory grip on payday lenders and a far friendlier approach by the industry’s nemesis, the Consumer Financial Protection Bureau.
... Two weeks ago,
Mr. Mulvaney put the brakes on a contentious rule, ushered in by Mr. Cordray, that was set to impose tight restrictions on short-term payday loans. He ended a case that the bureau initiated last year against a group of payday lenders in Kansas accused of charging interest rates of nearly 1,000 percent. Last week, Mr. Mulvaney scrapped an investigation into the marketing and lending practices of World Acceptance Corporation, a lender based in South Carolina that donated $4,500 to Mr. Mulvaney’s previous congressional campaigns through its political action committee.
According to the Center for Responsive Politics, payday lenders have contributed more than $13 million to members of Congress since 2010, with the majority of that money going to Republicans who have made it a priority to roll back the financial regulations put in place by President Barack Obama after the financial crisis. That includes
Mr. Mulvaney, who received nearly $63,000 for his campaigns from payday lending groups.
Mr. Mulvaney said that the donations were not an issue “because I am not in elected office anymore.”
The payday lending industry is cheering Mr. Mulvaney’s approach.
... The payday industry is just one of many groups holding events at Trump properties in the wake of the election. The U.S. Chamber of Commerce is holding an event for “an elite group” of its members at the Trump National Doral in March, according to its website.
https://www.nytimes.com/2018/02/02/us/politics/payday-lenders-lobbying-regulations.html
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