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    Under Trump Appointee, Consumer Protection Agency Seen Helping Payday Lenders

    Former Rep. Mick Mulvaney accepted campaign money from payday lenders. Now he's in control of the Consumer Financial Protection Bureau, and the agency has delayed implementing payday lending rules.
    by Chris Arnold Jan 24, 2018 3 minutes
    President Trump named Mick Mulvaney, a former Republican lawmaker and his current budget chief, as interim head of the Consumer Financial Protection Bureau.

    Payday lenders appear to have a powerful friend in Washington.

    Former Republican congressman Mick Mulvaney is the interim head of the Consumer Financial Protection Bureau. He was appointed by President Trump amid an ongoing a power struggle for control of the bureau.

    Watchdog groups are up in arms because, under Mulvaney, the CFPB has put on hold a rule that would restrict payday lenders and their high-interest-rate loans. The agency has also dropped a lawsuit against online lenders charging 900-percent interest rates. Critics say these moves are payback for campaign contributions to

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