Trump appointed Mick Mulvaney to head the agency shortly after the outgoing director appointed his own successor.
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The file photo shows White House budget director Mick Mulvaney, right, at a White House meeting with President Trump, who appointed him director of the Consumer Financial Protection Office. [19659005] (Photo: Susan Walsh, AP)

The campaign contributions he received from business while serving in Congress will not represent any conflict with his leadership in a consumer control agency, the federal budget director said on Monday. , Mick Mulvaney.

The statement came as Mulvaney described the policies and changes in the application he was weighing while serving as interim director of the Consumer Financial Protection Office, including a different position on the new payday loan rule.

"It is not unusual for a new administration to change positions in various policies," Mulvaney said during an afternoon briefing with media reporters. "This place will be different … than under Mr. (Richard) Cordray," who resigned as director of the office late last month, he added.

While serving as a Republican member of the House of South Carolina, Mulvaney criticized the consumer bureau rule requiring payday loan providers, auto title loans and other small dollar advance payments to determine in advance if the borrowers can pay the debts.

The rule, which requires compliance as of August 2019, also The payday lender gave $ 31,700 in contributions from the 2015-2016 federal campaign cycle to Mulvaney, placing it ninth among all congressmen in the sector , according to the badyzed data. by the Center for Responsive Politics.

Asked if the contributions influenced his position on the rule and could pose a conflict of interest, Mulvaney said: "I do not believe it because I'm not in the office anymore." He added that he had no plans for any future political career.

More: The payday loan group plans to sue the Consumer Financial Protection Bureau

The Senate overturns the new rule allowing clbad action lawsuits against banks

A payday loan organization plans to file a lawsuit against the consumer office, arguing that the rule exceeded the constitutional and legal authority of the watchman and would cause arbitrary damages to lenders and borrowers, USA . TODAY reported last week.

Mulvaney said he would not comment on current or potential claims against the consumer office.

However, he welcomed Friday's announcement that some Republicans and Democrats had introduced a measure to use the Congressional Review Act. to repeal the payday loan rule under the Congressional Review Act. The approval of Congress and the signing of President Trump could make the demands of the industrial group unnecessary.

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"I would support Congress moving forward with the CRA," Mulvaney said.


The Office of Consumer Financial Protection published a rule that prohibits financial companies from using arbitration to close clbad action lawsuits.
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The Republican-controlled Congress previously used the same reversal process to override a rule that would have allowed consumers to settle disputes with banks, credit card issuers and other financial service providers joining the clbad -Action of lawsuits against companies. Generally, consumers are required to pursue such disputes through individual arbitration procedures.

Follow USA TODAY journalist Kevin McCoy on Twitter: @kmccoynyc

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