Finance & Banking Military

Read Finance & Banking Law updates, alerts, news, and legal analysis from leading lawyers and law firms:
News & Analysis as of

Revised Military Lending Act Rules Impose New Compliance Obligations on a Wide Variety of Creditors

The Department of Defense (DOD) recently finalized amendments to its Military Lending Act (MLA) regulations that impose new compliance obligations on a wide variety of creditors, including issuers of credit cards and...more

Changes to Military Lending Act on the Horizon

The Department of Defense (DoD) recently published its Final Rule amending the Military Lending Act’s (MLA) implementing regulation. The MLA, passed by Congress in 2006, provides active duty service members and their...more

CFPB and New York Department of Financial Services Sue Pension Loan Companies for Deceptive Marketing

On August 20, the Consumer Financial Protection Bureau (CFPB) and New York Department of Financial Services (NYDFS) jointly filed suit against two pension loan companies and three individual managers for deceptively marketing...more

Spotlight on the Military Lending Act, Part 2: Planning for Compliance

Compliance with the revised Department of Defense (“DoD”) regulations under the Military Lending Act (“MLA”) is not mandatory until October 3, 2016 or, for most credit cards, until October 3, 2017. However, as the recent...more

DoD Releases Final Military Lending Act Regulations

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

Spotlight on the Military Lending Act: Did the Final Rule Improve on the Proposal?

On July 22, 2015, the Department of Defense (“Department”) released its final rule amending the regulations that implement the Military Lending Act (“MLA”), which means that a wider range of credit products—including open-end...more

Department of Defense Adopts Significant Changes to Its Military Lending Act Regulations

On July 22, 2015, the Department of Defense (DOD) published sweeping changes to its rules that implement the Military Lending Act (MLA). The amended rules significantly expand the scope of the MLA provisions by covering both...more

CFPB Speaks Out on Behalf of Disabled Veterans

In a blog post on the CFPB website, the CFPB advocated on behalf of veterans with service-connected disabilities, who face obstacles when transitioning back to civilian life and working to become financially secure. The CFPB...more

Defense Department dramatically expands scope of Military Lending Act

The Department of Defense (DoD) dramatically expanded the scope of the Military Lending Act (MLA) on July 22, 2015, publishing its Final Rule amending the MLA’s implementing regulation. The DoD consulted with the CFPB in...more

Defense Department Dramatically Expands Scope of Military Lending Act

The Department of Defense (DoD) dramatically expanded the scope of the Military Lending Act (MLA) on July 22, 2015, publishing its Final Rule amending the MLA’s implementing regulation. MLA coverage was previously limited to...more

Department of Defense Issues Final Rule Expanding Military Lending Act to Credit Cards and Other Consumer Lending Products

On July 21, 2015, the U.S. Department of Defense (“DOD”) announced the final rule amending the Military Lending Act’s (“MLA”) implementing regulations. The changes apply the MLA’s strict lending restrictions to consumer...more

DOD Adopts Sweeping Changes to Rules Implementing Military Lending Act Provisions

On July 21, 2015, the Department of Defense (DOD) adopted sweeping changes to its rules that implement the Military Lending Act (MLA). The amended rules significantly expand the scope of the MLA provisions by covering both...more

CFPB sends warning letters on military allotment practices

The CFPB announced that it sent warning letters this month to several companies that sell retail goods to military servicemembers regarding their acceptance of payments made through military allotments. The military...more

Director Cordray appears before Senate Banking Committee

On Wednesday, July 15, CFPB Director Richard Cordray appeared before the Senate Committee on Banking, Housing, & Urban Affairs to answer questions regarding the Bureau’s Semi-Annual Report to Congress and the President, which...more

New York Limits Interest Rates on Loans to New York-based Military Personnel

Since 2005, banks have continued to provide certain military service members with loans that require payment of interest far beyond the 16% New York state cap under what has become known as the “Fort Drum Loophole.” The...more

CFPB, 47 State AGs, and District of Columbia Announce $216 Million Settlement to Resolve Credit Card Debt-Buying Investigation

On July 8, the CFPB along with 47 state attorneys general and DC announced an agreement with a major bank to resolve allegations that it sold faulty credit card “zombie debts” to third-party debt buyers, which included...more

CFPB Report Details Ongoing Challenges Between Servicemembers and Student Loan Servicers

On July 7, the CFPB released a report detailing the continued challenges military servicemembers experience related to the servicing of their student loans, particularly when trying to invoke certain rights granted under the...more

CFPB Turns Focus to Student Loans to Servicemembers

The Consumer Financial Protection Bureau (CFPB) recently published a report highlighting the difficulties military personnel encounter when dealing with servicers of student loans....more

CFPB issues new report on servicemember student loans

A new CFPB report entitled “Overseas & Underserved: Student Loan Servicing and the Cost to Our Men and Women in Uniform” contains the CFPB’s findings regarding student loan servicing problems faced by...more

EU Extends Current Sanctions Against Russia and Crimea

Signaling increased tensions with Russia regarding its alleged intervention in eastern Ukraine, the European Union on June 19 and 22, 2015, took action extending sanctions targeting Russia and Crimea, including measures that...more

Proposed New Legislation Would Extend CFPB Oversight Over SCRA

On June 11, 2015, Sen. Jack Reed [D-RI] introduced a bill amending the Consumer Financial Protection Act to extend CFPB oversight and protection to include key provisions of the Servicemembers Civil Relief Act (SCRA). The...more

CFPB Increasingly Aiming “Abusiveness” Claims at Servicemember Products and Services

Are servicemembers more financially vulnerable than the civilians they protect? Recent enforcement actions suggest that, in the CFPB’s view, they are. While the Servicemembers Civil Relief Act (SCRA) provides more financial...more

New Maine Budget Would Make Numerous Tax Changes

Hoping to avoid a potential government shutdown, this week the Legislature passed a biennial budget that once again makes significant tax changes, but stops well short of the major tax reform desired by many legislators. The...more

National Bank to Pay $30 Million Civil Penalty to OCC for Alleged SCRA Violations

On May 29, the OCC entered into a consent order with a national bank to resolve allegations that it (i) violated the SCRA; (ii) engaged in unsafe and unsound practices in its efforts to comply with the SCRA; and (iii) engaged...more

Department of Education Releases Reports on SCRA Reviews of Major Student Loan Servicers

On May 26, the Department of Education announced the release of reports on its reviews of four major federal student loan servicers, which were conducted to ensure that the servicers adhered to federal law concerning loan...more

222 Results
|
View per page
Page: of 9

Follow Finance & Banking Updates on:

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:

Sign up to create your digest using LinkedIn*

*With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name. Or, sign up using your email address.
×