Big Win for Mulvaney Donors: CFPB Further Delays Prepaid Card Rule
TREND ALERT: On Tuesday, It Was Also Reported the CFPB Dropped Its Investigation of a Predatory Lender That Gave Mulvaney Thousands in Campaign Cash
WASHINGTON, D.C. – Today, Mick Mulvaney’s Consumer Financial Protection Bureau (CFPB) announced a year-long delay to the implementation of a new rule that would have ultimately protected 23 million American prepaid cardholders who use such products for everything from hourly wages to Social Security benefits.
In what could be seen as a pattern, an analysis of campaign finance records shows Mulvaney, now the “acting director” of the CFPB, received $13,000 in campaign contributions from prepaid card companies over the course of his Congressional career. The revelation follows Tuesday’s news that the CFPB dropped its investigation of a predatory lender that showered Mulvaney with thousands in campaign cash.
“Mick Mulvaney is a compromised and conflicted Washington politician who cannot be trusted to lead the Consumer Financial Protection Bureau. He has taken nearly $1.3 million in campaign cash from the big banks, predatory lenders, and other financial bad actors that he is now expected to oversee as ‘acting director’ of the CFPB. Because of his record, everything Mulvaney touches at the Bureau should be seen as tainted and deserving of heightened scrutiny and skepticism,” said Karl Frisch, executive director of Allied Progress.
He continued, “It is time for President Trump to appoint a new director for the Bureau that can earn the bipartisan respect and support of Republican and Democratic Senators alike. We deserve a CFPB director who will wake up every morning excited to defend American consumers – not someone who sees their job as the primary defender of Wall Street special interests.”
When implemented, the prepaid card rule will safeguard about one in ten U.S. households from hidden fees and other predatory penalties by providing them with some of the same basic protections enjoyed by traditional debit and credit cardholders.
Background:
Mulvaney has received $13,000 in campaign contributions from prepaid card companies over the course of his Congressional career. Specifically, the donations came from Discover, MasterCard, and American Express’ PACs.
- Mick Mulvaney has received $7,500 in campaign contributions from Discover Financial Services’ PAC over the course of his Congressional career. [Search for Mick Mulvaney, FollowTheMoney.org, accessed 01/25/17]
- Mick Mulvaney has received $1,000 in campaign contributions from MasterCard International Employees’ PAC over the course of his Congressional career. [Search for Mick Mulvaney, FollowTheMoney.org, accessed 01/25/17]
- Mick Mulvaney has received $4,500 in campaign contributions from American Express Company PAC over the course of his Congressional career. [Search for Mick Mulvaney, FollowTheMoney.org, accessed 01/25/17]
- Discover, MasterCard, and American Express all offer prepaid card products. The first two are also members of the Network Branded Prepaid Card Association – the primary trade group of the prepaid card industry. [Home Page, American Express Serve, accessed 01/25/18; Members, Network Branded Prepaid Card Association, accessed 01/25/18]
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