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Former CEO of Payday Lender Wants to Run the CFPB

Thursday 22 March, 2018 ... By Yemeng Yang ... [e-mail]



Former World Acceptance Corp. CEO Janet Lewis Matricciani said she wants to apply for the position of CFPB director in an email to Acting Director Mick Mulvaney.

The email was sent on January 24, two days before Matricciani left the company. She said she wants to run the agency because no one’s better able than her to “understand the need to treat consumers respectfully and honestly, and the equal need to offer credit to lower income consumers.”

Just two days before the email, the CFPB closed its investigation into the payday lender without taking any enforcement action. In the same month, the consumer protection agency dismissed a case against four tribal payday lenders.

The bureau has also proposed to reconsider the payday lending rule created under former Director Richard Cordray. John Czwartacki, senior advisor to Mulvaney, said Matricciani's message is an “unsolicited email,” and Mulvaney forwarded it to his official account in order to comply with record-keeping protocol. For more details see the latest issue of Inside the CFPB.