Finance & Banking Military

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CFPB seeking comment on new repayment plan disclosures for federal student loan borrowers

The CFPB has issued a Request for Information (RFI) seeking comment on a set of prototype disclosures to assist federal student loan borrowers in selecting between alternative repayment plans.  Comments are due on or before...more

CFPB: The Quarterly Review - April 2016

If the first quarter is any indication, 2016 is going to be a busy year for the CFPB and market participants alike. The CFPB Speaks - Regulation by enforcement - On March 9, during his prepared remarks to...more

One-Year Period of SCRA Foreclosure Protection Remains in Effect through 2017

On March 31, 2016, President Obama signed into law the Foreclosure Relief and Extension for Servicemembers Act of 2015, which continues through December 2017 a provision of the Servicemembers Civil Relief Act (SCRA) that...more

SCRA Will Continue to Receive Regulatory Scrutiny

On March 22, 2016, the U.S. House of Representatives passed the Foreclosure Relief and Extension for Servicemembers Act of 2015. This bill was signed into law by President Obama on March 31, 2016. This follows the...more

Trade groups seek clarifications to Military Lending Act regulations

A number of prominent industry trade groups have written to the Department of Defense (DoD) seeking clarifications to the Military Lending Act (MLA) final rule adopted in July 2015 that dramatically expanded the scope of the...more

CFPB Issues Annual Complaint Report Specific to the Military Community

On March 22, the CFPB released its fourth annual report highlighting complaints the agency received in 2015 from servicemembers, veterans, and their families. According to the report, debt collection complaints continue to be...more

Congress Passes Bill to Extend Foreclosure Protection Element of the SCRA

On March 21, the U.S. House of Representatives passed S.B. 2393, which extends through 2017 the provision of the Servicemembers Civil Relief Act’s (SCRA) that protects servicemembers against foreclosure without a court order...more

Overview of Financial Protections for Military Service Members, Including the New Military Lending Act

The U.S. Department of Defense (“DOD”) has put into effect the newly amended Military Lending Act (“MLA”) rule, which applies the protections of the MLA’s strict lending restrictions to consumer credit card issuers and...more

Senator Murray Sponsors Bill to Expand and Strengthen the SCRA

On March 17, Senator Patty Murray (D-WA) sponsored the SCRA Enhancement and Improvement Act of 2016 (the Act). The Act focuses especially on student loan servicers, but encompasses all financial institutions covered by the...more

CFPB issues fourth annual report on servicemember complaints

The CFPB’s Office of Servicemember Affairs released its fourth annual report highlighting complaints submitted in 2015 by servicemembers, veterans, and their families. The report states that in 2015, the CFPB received...more

OIG Conducts Review of Department of Education Program for Ensuring Compliance with SCRA

On February 29, the Department of Education Office of Inspector General (OIG) published a response to a congressional request that the OIG conduct a review of student loan servicers’ compliance with the SCRA. The OIG analyzed...more

UN Security Council Tightens and Expands Sanctions Against North Korea

On March 2, 2016, the United Nations Security Council unanimously adopted Resolution 2270 imposing new sanctions and tightening old measures against the Democratic People’s Republic of Korea (DPRK). The resolution is in...more

Expanding the SCRA, If the DOJ Has Its Way

The last few weeks of 2015 saw two important legislative developments relating to the Servicemembers Civil Relief Act (SCRA). First, in November, the Department of Justice (DOJ) submitted a legislative package to Congress...more

Corporate E-Note - February 2016

With the start of the 2016 tax reporting season, taxpayers making certain payments to a person or entity with a Tennessee address may find that Tennessee has added to the number of information returns they need to...more

DoD Seeks Public Comments Before Issuing a Proposed Rule on IR&D Costs

The Department of Defense intends to issue a proposed rule to ensure that substantial future independent research and development (“IR&D” or “IRAD”) expenses, which can be used as a means to reduce bid prices in competitive...more

Deadline Extended for Requesting Direct Access to Military Loan Act Database

The Department of Defense has extended the deadline for requesting direct access to its Military Loan Act (MLA) Defense Manpower Data Center (DMDC) database until February 15, 2016. Under amendments to the MLA's implementing...more

Appellate Court Refuses to Vacate Voluntary Dismissal Undertaken With Mistaken Belief Claim Was Time-Barred

In Cottrell as Trustee v. Taylor, Bean & Whitaker Mortgage Corp., 41 Fla. L. Weekly D141f, 2D14-5885 (Fla. 2d DCA Jan. 8, 2016), Florida’s Second District Court of Appeal examined the applicability of Rule 1.540(b) to notices...more

New York AG Announces Settlement Payments to Consumers Affected by Alleged Predatory Lending Scheme

On December 22, New York AG Schneiderman announced that more than 3,000 consumers received partial compensation from funds stemming from a global settlement negotiated by AG Schneiderman and the CFPB. In July 2014, the CFPB...more

Reorganization of the United States Code Affects SCRA Classification

Effective December 1, the Servicemembers Civil Relief Act (SCRA) was recodified at 50 U.S.C. §§ 3901 – 4043 from its former location at 50 U.S.C. app. §§ 501 – 597b. Recent structural changes to the U.S. Code eliminated the...more

Citizen, Soldier, Small-Business Owner? Commercial Lending and The Servicemembers Civil Relief Act

The Servicemembers Civil Relief Act, 50 U.S.C.A. § 3901, provides certain protections to military service members regarding their financial obligations. The act applies to virtually every type of debt that a service member...more

Corruption’s Impact on the Rule of Law & Security: Moving from the Vicious to the Virtuous

No country is free from the risk of corruption, but from Ukraine to Afghanistan, from Nigeria to Iraq, the tide is turning on the acceptance of corruption as a benign issue that ‘greases the wheels of bureaucracy.’ Rather,...more

CFPB issues snapshot of servicemember complaints

The CFPB has issued a new “snapshot of servicemember complaints.”  The report states that as of November 2015, the CFPB had received about 2,500 complaints from servicemembers, veterans and their dependents about high-cost...more

FTC Signs Memorandum of Agreement to Prevent Fraudulent and Deceptive Practices Against Servicemembers

On November 12, the FTC announced that it signed a Memorandum of Agreement with the Veterans Administration (VA) to provide mutual assistance in preventing fraudulent and deceptive acts by “institutions of higher learning and...more

CFPB Continues to Take Action Against Offenders in Debt Collection Services

CFPB Takes Action Against Servicemember Auto Lender Security National Automotive Acceptance Company - On October 28, 2015, the Consumer Financial Protection Bureau (CFPB) filed an administrative order against Security...more

Department of Defense Spending Decreases, But Other Agencies Buck the Trend

Fiscal year (FY) 2014 saw a continued decrease in the Department of Defense (DoD) spending. In FY 2014, DoD spent $418 billion on payroll and contracts, which roughly equals 2.4% of the U.S. GDP. Recall that in 2013,...more

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