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“It’s a bad move that will hurt the hardest-hit consumers,” he wrote. “It should be and will be subject to a stiff legal challenge.”

Payday lenders, however, argue they are helping to provide a valuable service for the millions of Americans who are living paycheck-to-paycheck and don’t have any savings to handle emergencies.

\"PHOTO:
Joshua Roberts/Reuters, FILE
PHOTO: White House Acting Chief of Staff Mick Mulvaney watches as President Donald Trump welcomes the 2018 College Football Playoff National Champion Clemson Tigers in the East Room of the White House in Washington, Jan. 14, 2019.
>

The Trump administration agreed. Mulvaney, has accused the agency of government overreach.

“Anybody who thinks that a Trump administration CFPB would be the same as an Obama administration is simply being naive,” Mulvaney said in 2017 when he took control of the agency.

Consumer watchdogs say the expected proposal is a continuation of Mulvaney’s efforts to defang the CFPB. Mulvaney was a vocal critic of the Consumer Financial Bureau during his time serving as a South Carolina Congressman and he accepted campaign contributions from payday lending industry lobbyists.

While leading the CFPB, Mulvaney closed investigations into several lending groups, asked appropriations for $0 in funding for the agency and cut back significantly on the CFPB’s enforcement power.

The CFPB was created after the 2008 financial crisis as a way of regulating banks and other financial institutions.

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