The special guest? The “white knight” of payday lending, Mick Mulvaney.
Mick Mulvaney is the go-to man in Washington for the payday lending industry. His efforts have earned him the title of “a white knight for the payday lending industry,” and he’s long shown preference to special interests, even saying, “If you’re a lobbyist who never gave us money, I didn’t talk to you. If you’re a lobbyist who gave us money, I might talk to you.”
Now, he’s helping fundraise for Ted Budd. Budd has led the charge to bring back high-cost payday loans after receiving more than $275,000 from the financial industry after just one term in Congress, including thousands from predatory payday lenders.
These lenders are earning a return on their investment. While payday loans, which can carry costs up to 1,000% APR and trap low-income working families and veterans in a cycle of debt, have been banned in North Carolina for years, Ted Budd and North Carolina Republicans have pushed to lift limits on the debt traps.
Bringing back payday lending may not be good for working families but it’s good for Ted Budd’s campaign coffers.
“Ted Budd has put big monied special interests, including lenders who trap low-income people in a cycle of debt, ahead of working families since taking office,” NCDP spokesman Robert Howard said. “With Kathy Manning surging and his faltering campaign unable to connect with voters, it’s no wonder he’s turning to his Washington buddies and the white knight of payday lending to help prop up his run.”