Last month, the Consumer Financial Protection Bureau (CFPB) fined a South Carolina payday lender $5 million for humiliating and physically assaulting borrowers who owed debts.
But according to a published report, then-CFPB Director Richard Cordray originally sought a much stiffer penalty to be imposed against South Carolina-based Security Finance.
Read on to learn more about acting CFPB director Mick Mulvaney’s decision not to pursue additional claims against the company.
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