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AFR Statement: Mulvaney Makes Common Cause With Payday Lenders to Delay Rule

Submitted by on May 31, 2018 – 6:06 pm
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FOR IMMEDIATE RELEASE

May 31, 2018

CONTACT:
Carter Dougherty
carter@ourfinancialsecurity.org
(202) 251-6700

Statement on Mulvaney-Payday Lender Motion to Delay Rule

José Alcoff, Payday Campaign Manager, Americans for Financial Reform:

“Mick Mulvaney has been doing the bidding of payday lenders for years, but putting the CFPB’s weight behind a joint legal motion with their lobbyists is a new low, even for him. Mulvaney is now openly making common cause with payday lenders to gut the CFPB’s common-sense protections for borrowers after years of study, analysis, and public comment. If granted, this motion would not simply push back compliance deadlines, but manufacture a delay so that Mulvaney can kill the rule entirely.”

“Thousands of groups across the country have worked for years to win this rule to stop the debt trap, and they will stand ready against Mick Mulvaney’s direct collusion with payday lenders to turn back the clock on consumer protections.”

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