Recently, The New York Times reported the agency’s pursuit of predatory payday lenders relaxed considerably amid intense lobbying of the industry to this administration. In just two months, hundreds of lobbyists from the industry will be in Florida for a retreat at the Trump National Doral Golf Club. Meanwhile, the CFPB’s interim director, Mick Mulvaney, the White House budget director, announced a halt to enactment of a rule imposed tight restrictions on short-term payday loans, which lead to some of the most extreme cases of abusive payday lending. He has also stopped enforcement actions against payday lenders who trick consumers into thinking that borrowing rates are less expensive than they truly are.
Then there was word the agency was dropping the investigation into the Equifax data breach. This was the incident that exposed the private, personal data of millions of Americans to hackers. To put this into perspective, criminals now have access to critical, sensitive data from 145 million Americans (including addresses and social security numbers), putting those consumers at high risk for fraud victimization that can damage their credit and financial security – and the company negligent in allowing this breach suffers no consequences. Continue reading