Mick Mulvaney’s Master Class in Destroying a Bureaucracy From Within

Cordray and his leadership team initially planned to focus on the biggest consumer-finance players, like mortgage lenders and credit-card companies; payday lenders were a relatively small industry compared with Wall Street. Dennis Shaul, who leads the Community Financial Services Association of America, an industry trade group founded by Advance America and other payday lenders, told me that his group would have supported some limits on repeat borrowing. Advance America accused consumer-advocacy groups like the Center for Responsible Lending, whose alumni dotted the bureau and who had consulted closely with it on the proposed rules, of “infiltrating” the C.F.P.B. (The revolving door, of course, spun both ways: Shaul was recruited by the industry after working for Barney Frank, the Massachusetts Democrat who was an author of Dodd-Frank, and dozens of former bureau officials have gone on to work for the financial industry.)

Source: www.nytimes.com