Finance & Banking Military

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CFPB Fines Military Allotment Processor $3.1 Million

Last week, the Consumer Financial Protection Bureau (CFPB) filed a consent order with Fort Knox National Co. and its subsidiary Military Assistance Co. (MAC), alleging that the companies duped U.S. military service members...more

Locke Lord QuickStudy: Don’t Hide Fees — CFPB Takes Action Against Abusive Conduct Aimed at Military Personnel

On April 20, 2015, the Consumer Financial Protection Bureau (CFPB) filed a Consent Order against Fort Knox National Company and its subsidiary Military Assistance Company (MAC), for charging servicemembers millions of dollars...more

CFPB issues third servicemembers complaints report and suggests practices for handling servicemember accounts

The CFPB has issued its third snapshot of complaints received from servicemembers, veterans and their families (“servicemember complaints”). The report covers complaints received from July 21, 2011 through December 31,...more

Top 10 Things to Know About the Future of Sanctions on Iran

As deadline for nuclear agreement approaches, any easing of sanctions will be gradual, and global businesses will continue to face compliance and enforcement risks. This Client Alert outlines the approaches the US...more

Proposed MLA expansion in limbo

Despite the CFPB’s efforts to build support for the Department of Defense’s proposal to significantly expand Military Loan Act coverage, it now appears that the proposal may be put on hold. The DoD proposal would revise the...more

Rule Expanding Military Lending Act Protections In Limbo

The Department of Defense's (DoD) proposed rule to revise and expand the coverage of its rule implementing the Military Lending Act (MLA) may be put on hold. The House Committee on Armed Services Subcommittee for Military...more

Justice Department’s ECOA report describes joint CFPB activity

The U.S. Department of Justice recently issued the Attorney General’s 2014 Annual Report to Congress Pursuant to the Equal Credit Opportunity Act Amendments of 1976. The report discusses the DOJ’s 2014 ECOA enforcement...more

SCRA Post-Service Protections Extended

The Servicemembers’ Civil Relief Act (SCRA) was created to help relieve or suspend the financial burdens placed upon those serving in the U.S. military. One of the key protections afforded by the SCRA is a temporary stay of...more

Sanctions Round-Up: First Quarter 2015

In this edition: - US and EU continue targeting Russia for its activity in Ukraine - Cuba-related regulatory reforms announced - P5+1 and Iran reach framework agreement - US enforcement actions:...more

Confidentiality Agreements of Federal Contractor Employees – Changes To The Federal Acquisition Regulations Are Coming Soon

Confidentiality agreements for employees of federal contractors are increasingly coming under scrutiny by federal agencies. In late 2014, as part of the Consolidated and Further Continuing Appropriations Act (the “Act”),...more

CFPB Update: CFPB Orders $3.1 Million in Refunds to Military Servicemembers in Fifth Case Involving Military Allotments

On Monday, the Consumer Financial Protection Bureau (CFPB) announced the latest in a series of five enforcement actions involving military allotments: a $3.1 million consent order against a payment processor, Military...more

DOJ Submits 2014 Equal Credit Opportunity Act Annual Report to Congress

On April 13, the DOJ released its 2014 Annual Equal Credit Opportunity Act (ECOA) Report highlighting its activities to address credit discrimination. The twenty-page report highlights discrimination lawsuits and settlements...more

CFPB announces settlement with processors of military allotments

The CFPB has announced a settlement with two companies that processed military allotments and were alleged to have charged fees to servicemembers that the companies failed to adequately disclose. The consent order requires...more

CFPB Orders Mortgage Lender to Pay $250,000 Penalty for Deceptive Advertising

On April 9, the CFPB announced a consent order with a California-based mortgage lender, requiring the lender to pay a $250,000 civil money penalty for advertising that allegedly led customers to believe the company was...more

Africa Update - April 2015

In This Issue: - Leading the News - United States – Africa Relations - North Africa - East Africa - West Africa - Sub - Saharan Africa - General Africa News - Excerpt...more

The Next Six Weeks in Congress

The House and Senate return this week from the annual Spring Recess, with the Senate scheduled to be in session for the next six weeks and the House in session for three weeks, off for one week, and then returning for another...more

CFPB Keeps its Sights on Military Mortgage Ads

The CFPB has announced another enforcement action targeting alleged deceptive mortgage advertising to veterans. The Bureau claims that the defendant lender targeted veterans with ads that falsely implied an affiliation...more

CFPB targets another mortgage lender for deceptive advertising

The CFPB has announced the settlement of an enforcement action against a California-based mortgage lender for alleged deceptive advertising practices, including the use of advertisements that the CFPB claimed falsely led...more

Overview of the Servicemembers Civil Relief Act

The Servicemembers Civil Relief Act of 2003 (SCRA) protects members of the Army, Navy, Air Force, Marine Corps, and Coast Guard whose financial obligations and ability to participate in civil proceedings are materially...more

CFPB Proposals for Small-Dollar Loans: An Attempt to Kill an Industry?

On March 26, the Consumer Financial Protection Bureau (CFPB or Bureau) announced several proposals to regulate short-term and longer-term consumer loans. According to the Bureau, the proposals will likely have the effect of...more

Nuclear Agreement Lacks Details on Relaxing Sanctions Against Iran

Although the provisions that limit Iran's nuclear program are spelled out in some detail, those related to relaxing economic sanctions against Iran are quite vague....more

Locke Lord QuickStudy: April Fools Prank or Legitimate OCC Guidance on SCRA?

Why would the Office of the Comptroller of the Currency (the OCC) issue a Bulletin on April Fools’ Day? In the OCC Bulletin 2015-21, issued April 1st 2015, the OCC advised that certain protections of the Servicemembers...more

FTC Issues 2014 Complaints Report

The Federal Trade Commission received more than 2.5 million consumer complaints in 2014, according to its newly released Consumer Sentinel Network Data Book. The annual report provides national and state-by-state data on...more

U.S. Implements Targeted Sanctions on Venezuela

On March 9, 2015, following failed diplomatic efforts to bring Venezuela in line with its human rights commitments under international law, President Obama issued an Executive Order (E.O.) declaring Venezuela a national...more

In Like a Lion Legislative Update February 2015

This week was exhausting for your normally energetic government relations team; we had to be in so many different hearings at once that we had to wear comfortable shoes. Angel and I are excited to take it easy this weekend...more

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