speaks for itself
Mulvaney to bankers: Campaign donations will help limit consumer bureau's power
Mick Mulvaney, the interim director of the Consumer Financial Protection Bureau (CFPB), told bankers and lobbyists on Tuesday that they should give more campaign contributions if they want to weaken the powers of the bureau he runs, The New York Times reported.
Mulvaney told more than a thousand bankers and lobbyists at an American Bankers Association conference in Washington that when he was a congressman he only talked to lobbyists that had given him money, according to the Times.
For Mulvaney, trying to sway legislators through donations is one of the “fundamental underpinnings of our representative democracy,” the Times reported.
Payday lenders gave Mulvaney nearly $63,000, according to the Times.
As CFPB director, Mulvaney has stopped all investigations and slowed down inquiries. He has weakened the bureau’s effort to go after financial services companies accused of targeting vulnerable customers.
Mick Mulvaney, acting director of the bureau, also described the two types of people he was most responsive to as a lawmaker: constituents and the lobbyists who contributed to his campaign.