There's not even a pretense of ethics in the Trump administration. They don't even bother to make a show of acting like they're in charge of a government, and not just grifting. The latest example comes from Mick Mulvaney, part-time Office of Management and Budget director (the guy who thought it was "cool" that he was in charge of the shutdown) who Trump also put in interim charge of the Consumer Financial Protection Bureau. He's in charge of the CFPB solely for the express purpose of destroying it and, it turns out, protecting his cronies and donors. In this case, it's a predatory lender.
Today, World Acceptance Corporation issued a press release announcing "the company received a letter from the Consumer Financial Protection Bureau indicating the investigation into the company's marketing and lending practices has been completed" and that the CFPB "does not intend to recommend enforcement action." The predatory lender's press release failed to mention that it's political action committee and employees have contributed thousands of dollars to the CFPB's new "acting director," Mick Mulvaney.
World Acceptance Corporation was a target of CFPB action largely as a result of a ProPublica investigation that exposed its practices.
Our story showed how the company's loans are deceptively expensive and often trap borrowers in a cycle of debt. World's business hinges on convincing low-income borrowers to renew their loans over and over again, a practice that can radically increase the amount of interest they pay. The company also packages nearly useless insurance products with its loans in many states, allowing it to skirt state interest rate caps, our investigation found. World boasts more than 800,000 customers.
According to World's disclosure, the CFPB is investigating whether the company is breaking federal laws in how it markets and offers its loans. The CFPB has made a Civil Investigative Demand that requires World to produce documents and answer a list of questions, the company said in a Securities and Exchange Commission filing.
They're off the hook now, free (along with all the other loan sharks out there) to keep ripping off all the low-income people just trying to keep their heads above water.