Arkansas Attorney General Leslie Rutledge was among those who championed the appointment of Mick Mulvaney as head of the Consumer Financial Protection Bureau.
Of course. The Trump administration hates that the CFPB exists as a curb on predatory practices by financial institutions.
Rutledge’s support for Mulvaney paid off today on a subject with which Rutledge is familiar.
Mulvaney announced that the bureau was dropping a lawsuit against a payday lender charging interest rates up to 950 percent and using a relationship with an American Indian tribe to skirt state laws.
Rutledge’s own sordid history on payday lending as that she stood by silently when a payday lender moved backed into the state after a successful effort by Rutledge’s predecessor, Dustin McDaniel, to run the bloodsuckers out of the state. Pressure from other sources forced one operator to abandon a North Little Rock operation, but today’s action, consumer advocates fear, could open a loophole for more of the business targeted in the new-dropped lawsuit.
Allied Progress noted that Mulvaney, who’d vowed to uphold the law in running the bureau, received $62,000 from payday lenders when campaigning for Congress.