Military Administrative Agency Consumer Protection

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President Signs Bill Enhancing Enforcement Of The Military Lending Act

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

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

CFPB Fair Lending Updates – Expectations for Enforcement and Regulation in 2013

Signaling that 2013 will be another eventful year in the fair lending world, the Consumer Financial Protection Bureau (“CFPB” or “Bureau”) issued two items this month that reveal an ambitious agenda for fair lending...more

OCC Issues Bulletin Regarding Extended SCRA Protections

On November 19, the OCC issued Bulletin 2012-37, which advises all national banks and federal savings associations of the extension of certain servicemember protections afforded by the Servicemembers Civil Relief Act (SCRA)....more

National Mortgage Settlement Monitor Seeks Servicemember Complaints

On November 12, National Mortgage Settlement Monitor Joseph Smith, Jr. launched a military-specific outreach program to encourage servicemembers to report mortgage servicing complaints using an online form. The Monitor...more

Federal Regulators Host Webinar on SCRA Compliance

On September 10, federal banking regulators, the CFPB, and the FHFA conducted a webinar on federal servicemember financial protections, recent changes to the Servicemembers’ Civil Relief Act (SCRA), and recent changes to...more

OCC and DOJ Announce SCRA Enforcement Action Against a National Bank

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

Financial aid shopping sheet for student loans finalized

A final model “financial aid shopping sheet,” the result of a collaborative effort by the CFPB and the Department of Education, has recently been issued by the DOE. The shopping sheet is intended to serve as a uniform...more

Federal Agencies Announce New Mortgage-Related Policies to Support Military Homeowners

On June 21, the CFPB, the federal prudential banking regulators, and the FHFA announced new policies to support servicemember homeowners. The CFPB, the Federal Reserve Board, the FDIC, the NCUA, and the OCC issued joint...more

Agency Guidance on Mortgage Servicing for Servicemembers

On June 21, the Fed, CFPB, FDIC, NCUA, and OCC issued guidance to mortgage servicers to address risks related to military homeowners who have informed the servicer that they have received military Permanent Change of Station...more

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

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

Executive Order on military educational benefits includes role for CFPB

As reported in a recent blog post by Holly Petreaus, Assistant Director of the CFPB’s Office of Servicemembers Affairs, an Executive Order signed last week by President Obama directs the Secretaries of Defense, Veterans...more

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