The vast majority of Senate Democrats are worried that acting Consumer Financial Protection Bureau director Mick Mulvaney is going to kill major new federal regulations on payday loans, the Washington Examiner reported. Forty-three Democrats wrote to Mulvaney yesterday not to undo the agency's payday loan rules, which he announced in January would be reconsidered. “The CFPB’s role in serving as a watchdog for American consumers while making our financial markets safe, fair, and transparent continues to be of critical importance," the Democrats wrote. "To this end, we urge you to end any efforts to undermine and repeal this critical consumer protection." The rule was finalized in October under an Obama holdout director, Richard Cordray. After being appointed by President Trump, Mulvaney, who also is the director of the Office of Management and Budget, took the first step toward revising or undoing the rule by giving notice that it would be reconsidered. He also eased off some of the agency's investigations of payday lenders.
