Head of CFPB Won't Sue in Payday Loan Collector Case

Mick Mulvaney, who serves as interim head of the Consumer Financial Protection Bureau (CFPB), has opted not to pursue a lawsuit against a payday loan collector, CNBC reported. He is also deciding whether he’ll move ahead with possible lawsuits involved three other payday lenders. Mulvaney was appointed to his position by President Donald Trump.

Why Are These Cases Important?

Mulvaney is still new at his job as interim head, having been named to the position after Richard Cordray, former head of the CFPB, resigned in November 2017. The purpose of the CFPB, which was first formed in 2010, is to stop abusive lending practices affecting consumers.

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