Mulvaney Tells Lobbyists to Pay Up to Diminish His CFPB

Mulvaney to bankers Campaign donations will help limit consumer bureau's power

"If you're a lobbyist who gave us money, I might talk to you".

Now the acting interim director of the Consumer Financial Protection Bureau and director of the Office of Management and Budget, Mulvaney used to be a Republican congressman from SC. His tenure at the CFPB, the agency created to protect consumers in the wake of the financial crisis has already proved controversial, with critics charging he was attempting to dismantle rather than lead the agency. Mulvaney accepted almost $63,000 in campaign donations from payday lenders during his time in Congress, but Mulvaney claims those donations do not pose a conflict of interest. She demanded more information on the Bureau's Payday Rule, its recent data collection freeze, and approach to enforcement actions.

Sherrod Brown, D-Ohio, blasted Mulvaney for the comments, which the former Republican congressman from SC made Tuesday during an appearance at an American Bankers Association conference in Washington. "If you came from back home and sat in my lobby, I would talk to you without exception, regardless of the financial contributions".

Trying to sway legislators that way was one of the "fundamental underpinnings of our representative democracy".

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Well, how utterly noble of him to talk to the people he represented without asking them to pay up first.

During the industry event, Mulvaney had also said that "We are going to do what the law says, but not what the law doesn't say". "It's more important than lobbyists and it's more important than money".

As a congressman, Mulvaney received $63,000 in campaign contributions from payday lenders, and since taking over at the CFPB he has loosened regulations on the payday lending industry, which has been accused of engaging in predatory practices.

Referring back to Mulvaney's remarks to lenders that they should press lawmakers hard to pursue their agenda, Brown said that banks and lenders didn't need any more lobbyists.

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