Consumer Protection

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News & Analysis as of May 26, 2013

Spotlight On The SCRA (Part 2 Of 3): Ensuring Compliance

by BuckleySandler LLP on 5/20/2013

Recent enforcement activity has demonstrated the agencies have taken to viewing the SCRA as a strict liability statute. This shift in interpretation makes financial institutions legally responsible for compliance with the...more

CFPB Issues Semiannual Servicemember Complaint Report

by BuckleySandler LLP on 5/13/2013

On May 1, the CFPB’s Office of Servicemember Affairs published its Semi-Annual Complaint Report, which states that the volume of complaints from servicemembers, veterans, and their families has steadily increased since the...more

CFPB issues report on servicemember complaints

by Barbara S. Mishkin | Ballard Spahr LLP on 5/3/2013

The CFPB’s Office of Servicemember Affairs has issued a report on complaints submitted by servicemembers, veterans or their spouses and dependents (“servicemember complaints”) over the period from January 1, 2012 through...more

President Signs Bill Enhancing Enforcement Of The Military Lending Act

by BuckleySandler LLP on 1/14/2013

On January 2, President Obama signed H.R. 4310, the National Defense Authorization Act (NDAA) for Fiscal Year 2013, which includes provisions that enhance federal enforcement of the Military Lending Act (MLA). The MLA (i)...more

Congress passes bill giving CFPB authority to enforce Military Lending Act and creating civil liability for violations

by Alan S. Kaplinsky | Ballard Spahr LLP on 12/28/2012

The 2013 Defense Authorization Bill (H.R. 4310), currently awaiting signature by President Obama, makes several changes to the Military Lending Act. Last week, both the House and Senate agreed to the conference report....more

Student Loans: Some Issues to Consider

by Cozen O'Connor on 11/2/2012

Although these are not the only aspects of student loan policy that will come up in the next legislative session, these issues will drive the discussion regarding student loans. Student loan debt is being reported as the...more

CFPB issues report on servicemember student loan debt

by Ballard Spahr LLP on 10/25/2012

A new CFPB report titled “The Next Front? Student Loan Servicing and the Cost to Our Men and Women in Uniform” focuses on repayment issues faced by servicemembers with private and federal student loans. One of the report’s...more

State Law Update: Illinois Enacts Servicemember Protections

by BuckleySandler LLP on 8/20/2012

On August 9, Illinois enacted SB 3287, a bill to expand and create various new protections for servicemembers. The bill clarifies the scope of coverage of servicemember protections by amending the definition of “military...more

OCC and DOJ Announce SCRA Enforcement Action Against a National Bank

by BuckleySandler LLP on 7/31/2012

On July 26, the OCC and the DOJ announced resolution of actions brought against a national bank for alleged violations of the Servicemembers Civil Relief Act (SCRA). The DOJ filed a complaint and consent order in the U.S....more

Spotlight on Auto Finance (Part 2 of 3): New Database to Combat Fraud Against Military and Veterans

by BuckleySandler LLP on 5/23/2012

The federal government is increasing scrutiny of financial services companies’ practices affecting active military members, veterans and their families. Earlier this year, the CFPB along with the FTC, the Department of...more