For Immediate Release

Equifax Gave Mulvaney Thousands, Now He’s Putting the CFPB’s Investigation “On Ice”

Latest example of CFPB “acting director” Mick Mulvaney making changes at CFPB that benefit his campaign contributors.

WASHINGTON - Today, it was reported that Mick Mulvaney, “acting director” of the Consumer Financial Protection Bureau (CFPB), “has pulled back from a full-scale probe of how Equifax Inc. failed to protect the personal data of millions of consumers, according to people familiar with the matter.” In what is fast becoming a disturbing trend, Mulvaney has thousands of dollars in campaign contributions from Equifax and thousands more from other credit bureaus overseen by the CFPB. Allied Progress released the following statement:

“It is deeply disturbing though not surprising that Mick Mulvaney has decided to reverse course and go soft on Equifax – a company that failed to protect the personal financial data of millions of Americans. For anyone who has watched Mulvaney in the months since Trump installed him as ‘acting director,’ it will come as no surprise that Equifax showered Mulvaney with thousands of dollars in campaign contributions. This has become par for the course at Mulvaney’s CFPB. If you’ve given him massive campaign contributions, you should expect special treatment. If you’re just a consumer looking for help dealing with a major financial institution that has screwed you over, you’re out of luck,” said Karl Frisch, executive director of Allied Progress.

Mulvaney has taken at least $5,000 in campaign cash from Equifax Inc.’s political action committee (PAC). He also received $6,000 from the PAC of Experian, another credit reporting bureau. [Equifax Inc. Political Action Committee to Mulvaney for Congress, Federal Election Commission, Accessed 02/05/18; Experian North America, Inc. Political Action Committee to Mulvaney for Congress, Federal Election Commission, accessed 02/05/18.]

PART OF A DISTURBING PATERN:

  • Mulvaney Delays Implementation of Rule Protecting Prepaid Cardholders: Last week, the Mulvaney-run CFPB announced a year-long delay to 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. Mulvaney has received at least $13,000 in campaign contributions from prepaid card companies.
  • Mulvaney Drops CFPB Case Against Predatory Lender: In January, the Mulvaney-run Consumer Bureau dropped its case against World Acceptance Corporation, a predatory lender accused of “breaking federal laws in how it markets and offers its loans.” Mulvaney has received $4,500 in campaign contributions from the company.
  • Mulvaney Begins Gutting CFPB’s Anti-Discrimination Efforts: In December, the Mulvaney-run Bureau declared its intent to “reconsider” mortgage data reporting requirements that helped the CFPB identify discrimination. The move was called “a significant win” by the Credit Union National Association (CUNA) which also lobbied on the issue. Mulvaney has received $30,000 in campaign cash from CUNA over the years.
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Allied Progress is a consumer watchdog organization that uses hard-hitting research and creative campaigns to stand up to Wall Street and powerful special interests and hold their allies in Congress and the White House accountable.

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