Within weeks of coming on board, Mulvaney has worked to make the watchdog agency less aggressive. Under his leadership, the CFPB delayed a new payday lending regulation from going into effect and dropped an investigation into one payday lender who contributed to Mulvaney's campaign. In another move that particularly upset some staffers, the new boss also dropped a lawsuit against an alleged online loan shark called Golden Valley Lending. The suit says the lender illegally charges people up to 950 percent interest rates. It took CFPB staffers years to build the case.
Golden Valley declined an interview. The company is officially headquartered on an Indian reservation. In a court document, the company argues its loans are governed by tribal law.
The CFPB lawsuit disagreed, saying Golden Valley makes illegal loans across the country.