Republicans have been fighting against the new Consumer Financial Protection Bureau, and especially hard to stop Elizabeth Warren from becoming its head. The new bureau is tasked with protecting consumers from predatory lenders and was primarily a response to massive abuses by mortgage lenders that contributed to the recent mortgage crisis.
One of the most outspoken opponents of Elizabeth Warren was Congressman Patrick McHenry (R-NC), who was particularly nasty to her during Congressional hearings.
So it should surprise nobody to learn that McHenry has received $63,800 from lobbyists and executives for banks, mortgage companies, payday lenders, pawn shops, and other (often predatory) lenders. But what is particularly telling is that McHenry received a whole bunch of campaign donations from payday lending companies on a single day, April 20, 2011, leading to speculation that the Congressman had a campaign financing party for opponents of Warren.
Not only that, but McHenry’s wife is on the payroll of Brattle Group, an industry consulting firm that represents banks, credit card companies, and other financial industry businesses. The Brattle Group even helped produce a report for a trade association of predatory lenders that claims that payday lending never results in cycles of debt for its customers. Yeah, right.