Trump/Mulvaney-led U.S. CFPB slashes payday lender penalty

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Trump/Mulvaney-led U.S. CFPB slashes payday lender penalty

Trump/Mulvaney-led U.S. CFPB slashes payday lender penalty

Reuters-

Mick Mulvaney, head of the U.S. Consumer Financial Protection Bureau, cut in half a fine that his Obama-era predecessor sought against a payday lender and dropped some of the agency’s earlier claims in the case, three people familiar the matter told Reuters.

Mulvaney, appointed by President Donald Trump, has vowed to dial back what he says is overreach by the independent agency, which was created following the 2007-2009 financial crisis to stamp out predatory lending.

The CFPB fined South Carolina-based lender Security Finance $5 million on June 13 for harassing borrowers when collecting debt and mishandling credit report data.

[REUTERS]

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