Military Finance & Banking Administrative Agency

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Creditors and Debt Collectors Should Pay Close Attention to the CFPB’s Consent Order with Navy Federal Credit Union

The Consumer Financial Protection Bureau (CFPB) announced a consent order with Navy Federal Credit Union (Navy Federal) on October 11, 2016. While financial institutions should always analyze CFPB consent orders closely and...more

Holly Petraeus to retire from CFPB

According to Politico, Holly Petraeus, Assistant Director of the CFPB’s Office of Servicemember Affairs, will be retiring from the CFPB. During her tenure at the CFPB, the protection of military servicemembers and their...more

Analysis of Close Proximity Issues in Transactions Reviewed by CFIUS

A US business’ close proximity to facilities or areas considered sensitive by the US Government can raise concerns when the Committee on Foreign Investment in the United States (CFIUS) is evaluating the potential national...more

CFPB launches financial coaching initiative

The CFPB has announced the launch of its Financial Coaching Initiative which targetsrecently-transitioned veterans and economically vulnerable consumers. (The CFPB first announced its plans for launching the program in 2013,...more

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

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

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 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

Mortgage Banking Update - August 23, 2012

In This Issue: - FHFA Questions Use of Eminent Domain for Underwater Mortgages - Only Promissory Note Holders Can Initiate Foreclosures in Washington State - Congress Amends SCRA and the Maximum Guaranty for VA...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

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

Auto Finance May Be DOJ’s Next Focus in SCRA Enforcement

The Department of Justice’s recent announcement that two towing companies have settled an action alleging violations of the Servicemembers Civil Relief Act (SCRA) may portend further SCRA enforcement actions by the DOJ in the...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

"Department of Defense Initiatives Focus on Renewable Energy Projects"

The recession, improvements in energy efficiency, low natural gas prices, ratepayer unwillingness to fund higher-cost renewable energy and largely satisfied renewable energy portfolio standards have resulted in slower load...more

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