In a clear case of illegal loansharking, Golden Valley Lending was lending money at a usurious 950% interest rate.
The Consumer Financial Protection Bureau took a couple years to build a strong case against them and they were ready to pounce.
According to anonymous sources inside the bureau, new CFPB head Mick Mulvaney ordered the regulatory action dropped and then lied about having had nothing to do with it.
Read the whole sordid story here.
1 comment:
Follow the money.... Mulvaney received campaign contributions from the loan shark industry.
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