The House Financial Services Committee held the first of a two-part hearing titled, “Rent-A-Bank Schemes and New Debt Traps: Assessing Efforts to Evade State Consumer Protections and Interest Rate Caps.”
For the first...more
Renewed Vitality but Self-Inflicted Wounds on Constitutionality -
The Consumer Financial Protection Bureau (CFPB or Bureau) had an active 2019, and we review the most significant stories here. Likewise, we discuss the...more
A new bill introduced in both houses of Congress would extend the Military Lending Act’s (MLA’s) 36 percent per annum interest rate cap to all consumer borrowers, not just military service members. The change would affect all...more
While the dispute over the constitutionality of the Bureau of Consumer Financial Protection’s (CFPB or Bureau) structure continues to rage, the Bureau continued to make other news, releasing a report on the Ability to Repay...more
Perhaps setting the tone at the Bureau of Consumer Financial Protection (CFPB or Bureau), new Director Kathy Kraninger urged Bureau employees to “vigorously enforce the law” but refrain from presuming guilt about industry...more
This week in news from the Bureau of Consumer Financial Protection (CFPB or Bureau), a Texas federal court granted a stay of the compliance deadline for the Payday, Vehicle Title and Certain High-Cost Installment Loans Rule,...more
In the latest Bureau of Consumer Financial Protection (CFPB or Bureau) news, the reported halt to Military Lending Act (MLA) examinations has created controversy, an amendment to the Gramm-Leach-Bliley Act (GLBA) annual...more
Lenders that make loans to service members should pay careful attention to the latest developments in this area....more
The Department of Defense (DoD) released a new interpretive rule under the Military Lending Act (MLA), building on prior interpretive guidance.
What happened -
Enacted in 2006, the MLA caps the total charge on covered...more
New legislation recently introduced in Congress impacting the financial services industry would amend the Military Lending Act (MLA) and impose additional requirements with regard to anti-money laundering (AML) obligations....more
With the July 2015 amendments to the Military Lending Act (MLA) set to take effect on October 3, the Department of Defense (DoD) published an interpretive rule to help financial institutions achieve compliance with the...more
The Department of Defense (DoD) released its final rule amending the implementing regulations of the Military Lending Act (MLA), incorporating a broader range of credit products under its coverage and potentially implicating...more
In an effort to provide additional financial protections to military families, the Department of Defense (DoD) proposed amendments to its regulations that the agency said will “reduce predatory lending practices,...more