Mick Mulvaney Restricted Enforcement of Military Lending Act Which Protects Military Members

Trump crony, Tea Party leader, OMB Director, former-interim director of Consumer Financial Protection Bureau, and Acting White House Chief of State.... Sounds like Mick Mulvaney is basically running our government and Trump's newest best friend.  Back in August 2018, before adding Chief of State to his resume, you likely missed what good ole Mick was up to: harming our military men and women and their families.

Mick Mulvaney, the interim director of the Consumer Financial Protection Bureau, intends to scrap the use of supervisory examinations of lenders, which are the most powerful tool for proactively uncovering abuses and patterns of illegal practices by companies suspected of wrongdoing.... 

....suspend routine examinations of lenders for violations of the Military Lending Act, which was devised to protect military service members and their families from financial fraud, predatory loans and credit card gouging, according to internal agency documents.

Those who are well-versed in this field have been asking for MORE oversight, not less. Banks and lenders have reportedly has NO problems with the oversight.  But Republicans did the opposite, as usual.

....surprised advocates for military families, who have urged the government to use its powers to crack down harder on unscrupulous lenders. The consumer bureau conducted dozens of investigations into payday and other lenders during the Obama administration without any significant legal opposition, and no lenders are currently challenging its oversight based on the law, according to administration officials.

The agency’s supervisory exams have been critical in uncovering previous instances of wrongdoing and led to several of its biggest fines. In 2014, the bureau fined one of the largest payday lenders in the country, Ace Cash Express, $10 million after determining the company, based in Texas, steered low-income borrowers, including those in the military, into a succession of financially damaging high-interest loans.

Why was the Military Lending Act passed in 2011?  To SUPPORT OUR TROOPS.  Republicans are trying to neuter it.

Many service members enter the military in their late teens or early 20s with little credit history, and are often targeted by auto loan financiers, credit card companies and retail stores that hide high financing costs behind low down payments and short-term teaser rates.

Over the last decade, Department of Defense studies have found that military members, their families and veterans are four times as likely to be targeted by unscrupulous lenders. 

Since its creation under the Obama administration in 2011, the consumer agency has returned more than $130 million to service members, veterans and their families and handled more than 72,000 complaints per year, according to the agency.

“When I drive down the strip outside a military installation and count 20 fast-cash lenders in less than four miles, that’s not a convenience, that’s a problem.” 

Mulvaney is the same guy who forced corporations and lobbyists to pay to meet with him and admitted to doing THEIR bidding.  He should be NO WHERE NEAR government, should have no power.  He is the worst of the worst.  Everything you just read about is despicable.

Source: https://www.nytimes.com/2018/08/10/us/politics/mulvaney-military-lending.html