Exclusive: Trump official quietly drops payday loan case, mulls others - sources

[DonViejo]

Source: Reuters




BUSINESS NEWS MARCH 23, 2018 / 6:04 AM / UPDATED 4 HOURS AGO

Patrick Rucker

WASHINGTON (Reuters) - The top cop for U.S. consumer finance has decided not to sue a payday loan collector and is weighing whether to drop cases against three payday lenders, said five people with direct knowledge of the matter.

The move shows how Mick Mulvaney, named interim head of the Consumer Financial Protection Bureau (CFPB) by U.S. President Donald Trump, is putting his mark on an agency conceived to stamp out abusive lending.

The payday loan cases are among about a dozen that Richard Cordray, the former agency chief, approved for litigation before he resigned in November. Cordray was the first to lead the agency that Congress created in 2010 after the financial crisis.

The four previously unreported cases aimed to return more than $60 million to consumers, the people said. Three are part of routine CFPB work to police storefront lenders. The fourth case concerns who has a right to collect payday loans offered from tribal land.


Read more: https://www.reuters.com/article/us-usa-cfpb-payday-exclusive/exclusive-trump-official-quietly-drops-payday-loan-case-mulls-others-sources-idUSKBN1GZ1A9

[Roy Rolling]

1. Out of Necessity?

When Deutchebank cuts him off Trump is gonna need another source of funds to build his gold-plated slums. Maybe an advance on his paycheck?

[Fullduplexxx]

2. When will mudvane be replaced by the rightful head of that dept

[bronxiteforever]

3. Mulvaney is pure evil and greed n/t

[riversedge]

4. Agree.

[mpcamb]

5. How much did the lenders in those cases contribute to Trump?

[sinkingfeeling]

6. He's not a "top cop", he's a vile Trump toady.