Mick Mulvaney’s consumer protection bureau dropped a probe into a payday lender that donated to his campaigns
The Consumer Financial Protection Bureau has dropped an investigation into a South Carolina payday loan company that donated to their director’s campaigns when he was a lawmaker in the state.
As American Banker magazine reported, World Acceptance Corp, a small loans lender based in Greenville, South Carolina, announced Tuesday that it had received a letter from the CFPB “indicating the investigation into the company’s marketing and lending practices has been completed.”
The company had been under investigation by the CFPB since 2015 amid allegations that it tried “to profit from repeat borrowers” — and as American Banker noted, the company’s political action committee has given at least $4,500 to Mulvaney when he was running for office in South Carolina.
Mulvaney took the helm of the CFPB late last year, and also controversially leads the White House Office of Management and Budget.