Military Finance & Banking

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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

Recent Settlements of Joint UDAAP Enforcement Between State and Federal Regulators

The Dodd-Frank Act (“Dodd-Frank”) granted to state attorneys general and state regulators much of the Consumer Financial Protection Bureau’s (“CFPB”) UDAAP authority. In particular, Dodd-Frank gives state attorneys authority...more

CFPB Takes Action Against Mortgage Lender Targeting Veterans, Imposes $2M Penalty

Why it matters - Alleged deceptive marketing by a mortgage lender to veterans was at the heart of the Consumer Financial Protection Bureau’s (CFPB) latest enforcement action. NewDay Financial, LLC, “profited from the...more

A “Bad Day” for NewDay - CFPB finds RESPA and UDAAP Violations in Marketing Arrangements

The CFPB has issued another Consent Order finding certain marketing and advertising services arrangements to violate RESPA’s prohibition on kickbacks. The CFPB required the lender, NewDay Financial, LLC (“NewDay”), to pay a...more

DOJ Reaches Agreement With Leading Mortgage Servicers Over Servicemember Foreclosures

On February 9, the DOJ announced a $123 million settlement with five national mortgage servicers for allegedly violating sections of the SCRA. Specifically, the DOJ alleges that the mortgage servicers subjected over 900...more

Canada Imposes Additional Sanctions, Including Against Rosneft

On February 17, 2015, the Government of Canada announced a new round of sanctions against Russian and Ukrainian individuals and entities, including leading Russian oil firm NK Rosneft OAO....more

CFPB Issues $2 Million Fine Against Mortgage Lender

Last week, the Consumer Financial Protection Bureau (CFPB) announced that mortgage lender NewDay Financial LLC, which specializes in Veterans Administration-backed loans available to military personnel and veterans, had...more

CFPB Orders Nonbank Mortgage Lender to Pay $2 Million Penalty for Deceptive Advertising and Kickbacks

On February 10, the CFPB announced a consent order with a Maryland-based nonbank mortgage lender, ordering the lender to pay a $2 million civil money penalty for allegedly failing to disclose its financial relationship with a...more

EU sanctions against Russia: New targets and state of play

On 9 February 2015, the EU Foreign Affairs Council imposed new sanctions - asset freezes and travel bans - against 19 Russian and Ukrainian individuals and 9 entities that have been added to the 'black list' of sanctioned...more

President's FY 2016 Budget Proposal: A Detailed Look At The Defense Budget And The Threat Of Sequester

President Obama’s defense base budget request for FY 2016 is $534.3 billion, which is an increase of $38.2 billion over the FY 2015 enacted amount. The request also includes $50.9 billion for the Overseas Contingency...more

A New Balancing Act: The DOJ Provides New Direction Regarding the SCRA's Interest Rate Benefit

When Congress reenacted the Servicemembers’ Civil Relief Act (“SCRA”) in 2003, Congress designed the SCRA to balance the interests of active duty servicemembers and their creditors, as it had done under the SCRA’s predecessor...more

Large National Bank Faces Class Action Suit Over Alleged SCRA Violations

On January 15, an Army Reserve sergeant filed a class action suit against a large national bank for allegedly violating the SCRA limitation on a lender’s ability to foreclose on an active duty service member’s property. ...more

Update: U.S. Ramps Up Ukraine-Related Sanctions Yet Again

On December 19th, President Obama signed Executive Order (EO) 13685 specifically targeting Crimea and those responsible for the usurpation of the peninsula back in March. This latest EO was the forth in a series aimed at...more

ABA criticizes CFPB study on high-cost credit extended to servicemembers

The American Bankers Association has sent a letter to the Department of Defense “to alert the Department to shortcomings” in the CFPB’s study entitled “The extension of high-cost credit to servicemembers and their families”...more

CFPB Supports DoD’s Proposal to Expand Scope of Military Lending Act

On December 29, the CFPB released a report highlighting its concern that loopholes in the Military Lending Act (MLA) have allowed companies to offer costly credit products to military personnel and their families. The report...more

Congress Extends Foreclosure Postponements for Military Servicemembers

At the 11th hour (late December, 2014), Congress extended special provisions in the Servicemembers Civil Relief Act (SCRA) (50 USC App §§501–597a) that mandate postponement of a foreclosure on a military servicemember's...more

CFPB & State Attorneys General Fine Retailer and Debt Collectors for Alleged Illegal Debt Collection Practices Against Military...

On December 18, the CFPB and the Attorneys General of North Carolina and Virginia announced an enforcement action against three affiliated companies offering credit and financing services to military servicemembers. ...more

CFPB Weighs in on Department of Defense Military Lending Act Proposed Rule

On December 29, 2014, the Consumer Financial Protection Bureau (CFPB) released a report, entitled “The Extension of High-Cost Credit to Servicemembers and Their Families” (“Report”). According to the CFPB, the Report provides...more

CFPB endorses MLA expansion

In an effort to build support for the Department of Defense’s proposal to significantly expand Military Loan Act coverage, the CFPB has released a report entitled “The extension of high-cost credit to servicemembers and their...more

ALERT: Federal Government Announces Compensation for Employers of Reservists

On November 25, 2014 the Minister of National Defence, the Honourable Rob Nicholson, P.C., Q.C., announced a new Government of Canada program which will provide financial support to employers of Canadian Armed Forces...more

Congress Authorizes New Ukraine-Related Sanctions Against Russia

On December 18th, President Obama signed into law the “Ukraine Freedom Support Act of 2014,” authorizing stricter sanctions against Russia, and also increasing military and non-military assistance for Ukraine. Although the...more

Banking industry trade groups comment on Defense Department’s proposed amended MLA regulations

The American Bankers Association, Consumers Bankers Association, Independent Community Bankers of America, National Association of Federal Credit Unions, and Association of Military Banks of America have submitted a 59-page...more

North Carolina Legislative Report

The General Assembly adjourned “sine die” on Wednesday, August 20. During the interim, the MVA Public Affairs Legislative Report on North Carolina will be distributed biweekly to keep you up to date on the latest legislative...more

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