CFPB lets payday lender accused of stealing millions off the hook

The following article by A.P. Joyce was posted on the mic.com website April 20, 2018:

Interim CFPB Director Mick Mulvaney Credit: Mark Wilson/Getty Images

The Consumer Financial Protection Bureau announced in its latest report to Congress that it would be dropping its enforcement actions against a business group that is accused of running an international online payday lending scheme.

The group, known as NDG Financial Corp, is accused of violating U.S. usury laws, and employing deceptive and abusive practices to collect from borrowers.

This is just the latest in a series of dropped enforcement actions from the CFPB. As Vox reports, the CFPB dropped lawsuits and a probe against at least five other major payday lenders this year.

The former chief of one of those lenders had a cozy enough relationship with interim CFPB Director Mick Mulvaney that she went so far as to ask him if she could have his job running the CFPB when he was done with it.