Mulvaney’s CFPB: Trick Consumers, Treat Financial Predators
Mulvaney Inaction Encourages His Spooky Friends to Haunt Consumers
TRANSYLVANIA, ROMANIA – Since Mick Mulvaney arrived at the CFPB, it has been a spooky time for consumers everywhere. He has taken an ax to basic consumer protections and conjured up a regulatory environment where predatory lenders, financial bottom feeders, and other ghastly ghouls are left to haunt the financial landscape. To bring some levity to the bleak outlook for consumers while Mulvaney is at the CFPB’s helm, Allied Progress presents “Mulvaney’s Cash” (sung to the tune of “Monster Mash,” Bobby Picket’s Halloween classic):
“Mulvaney’s Cash”
To the tune of “Monster Mash”
Predatory lenders were up late one night,
When their eyes beheld a marvelous sight
From their evil gaze began to rise,
Mulvaney’s eagerness to win their prize
Mick took their cash, dirty campaign cash
He took their cash, it was a pay-for-play smash
Mick took their cash, he caught on in a flash
He took their cash, for his campaign stash
Big banks rejoiced in their high-rise suites
While consumers and their families were left to the streets
The executives all came from their luxury abodes
Just for a jolt from Mulvaney’s electrodes
Mick took their cash, dirty campaign cash
He took their cash, it was a pay-for-play smash
Mick took their cash, but we caught on in a flash
He took their cash, for his campaign stash
Payday lenders were counting their loot,
Now that Mulvaney’s CFPB was in cahoots
Triple-digit interest rates mattered little,
With Mick on the inside he assured acquittals
The guests arrived on their private planes,
Such a lucrative time so predators made it rain
The scene was rockin’, they all dug the sounds,
Mulvaney saw consumers and released the hounds
Mick took their cash, dirty campaign cash
He took their cash, it was a pay-for-play smash
Mick took their cash, but we caught on in a flash
He took their cash, for his campaign stash
Out from the villages loud voices did ring
Seems they were troubled by just one thing
Opened their wallets and shook their fists to say,
Mulvaney won’t protect us, unlike them we won’t pay
Mick sold us out, we simply don’t have the clout
He sold us out, the CFPB mission he flouts
Mick sold us out, there is no doubt
He sold us out, and the resistance sprouts
What You Need To Know Even on Halloween
- Mulvaney has abandoned consumers and emboldened financial predators. For months, Mulvaney shut off data collection which is essential for spotting financial wrong doing. When it came time to fund the CFPB’s work to protect consumers he asked for $0. He fired the important consumer advisory board without ever holding a legally required meeting. He also hobbled the Student Loan Office and defanged the fair lending office hindering its abilities to protect consumers from discriminatory lending practices. He weakened efforts to protect servicemembers to the dismay veterans’ groups and the surprise of Pentagon officials. He pulled back on examining Equifax – one of his campaign donors – in the wake of the company’s massive data breach. He has teamed up with predatory payday lenders in court to attack the CFPB’s own payday loan borrower protections. He has dropped investigations, ended court cases, pulled back on strong enforcement, and reduced fines for financial predators, some of which showered him with campaign cash. Mulvaney also continues to allow Eric Blankenstein to oversee Fair Lending enforcement despite his history of racist writing.
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