News & Analysis as of

Department of Defense (DOD) Consumer Financial Protection Bureau (CFPB) Banking Sector

Ballard Spahr LLP

Update to MLA Website Expands Search Functionality

Ballard Spahr LLP on

Yesterday, the Department of Defense’s (DoD) Military Lending Act website was temporarily taken offline to accommodate various “security and performance enhancements.” ...more

Ballard Spahr LLP

Trade groups ask Defense Dept. to rescind MLA interpretation on GAP insurance financing

Ballard Spahr LLP on

Four trade groups have sent letters to the Department of Defense (DoD) asking the DoD to rescind or withdraw Question and Answer #2 (Q&A 2) from its 2016 interpretative rule for the Military Lending Act final rule (MLA Rule)...more

Ballard Spahr LLP

Department of Defense Issues Additional MLA Rule Interpretive Guidance; SCRA Foreclosure Protections Extended

Ballard Spahr LLP on

Last week the Department of Defense (DoD) issued an interpretive rule under the DoD’s Military Lending Act final rule (MLA Rule). The interpretive rule amends four of the “Q&A” format interpretations that DoD issued on August...more

Ballard Spahr LLP

Defense Dept. rejects trade group’s request for extension of Oct. 3 MLA compliance date for credit cards

Ballard Spahr LLP on

The Department of Defense (DoD) is reported to have rejected the request of the National Association of Federally-Insured Credit Unions (NAFCU) to extend the October 3, 2017 date for credit card compliance with the Military...more

Ballard Spahr LLP

Propoposed Bill Would Significantly Expand MLA Disclosure Requirements

Ballard Spahr LLP on

We recently reported on a bill introduced in the House of Representatives by Congressman Dan Kildee (D-Michigan) that would amend the Military Lending Act (“MLA”) to require that creditors provide additional disclosures to...more

Ballard Spahr LLP

CFPB’s Office of Servicemember Affairs Issues Annual Report

Ballard Spahr LLP on

The CFPB’s Office of Servicemember Affairs (OSA) has issued its fifth annual report to Congress addressing issues raised and complaints submitted by servicemembers, veterans, and their families....more

Ballard Spahr LLP

CFPB to participate in interagency MLA webinar

Ballard Spahr LLP on

On December 1, 2016, the  FDIC will co-host an interagency webinar that will focus on Military Lending Act regulations and the Department of Defense’s recently-released interpretive rule. In addition to a CFPB...more

Ballard Spahr LLP

As part of joint initiative with the CFPB, FTC launches updated, mobile-friendly Military Consumer website

Ballard Spahr LLP on

This week, the FTC announced the launch of a redesigned Military Consumer website as part of its joint initiative with the DoD, CFPB and others. Military.Consumer.gov is a financial readiness website designed to help...more

Ballard Spahr LLP

CFPB and FFIEC Release Updated MLA Exam Procedures; NCAU Will Accept Reasonable and Good Faith Efforts to Comply

Ballard Spahr LLP on

On September 30, the CFPB released updated examination procedures for Military Lending Act (MLA) compliance. Compliance with the final rule amending the MLA, issued by the Department of Defense (DoD) in July 2015, was...more

Ballard Spahr LLP

DoD issues MLA interpretive rule

Ballard Spahr LLP on

The Department of Defense (DoD) has issued an interpretive rule to assist the industry in complying with its July 2015 final rule amending the Military Lending Act’s implementing regulation. The much-anticipated guidance was...more

Ballard Spahr LLP

Trade groups seek extension of compliance date for Military Lending Act final rule

Ballard Spahr LLP on

The American Bankers Association, joined by six other prominent industry trade groups, is seeking a six-month extension of the date by which depository institutions must comply with the Military Lending Act (MLA) final rule...more

Ballard Spahr LLP

Holly Petraeus to retire from CFPB

Ballard Spahr LLP on

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

WilmerHale

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

WilmerHale on

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

Ballard Spahr LLP

Director Cordray appears before Senate Banking Committee

Ballard Spahr LLP on

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

Ballard Spahr LLP

CFPB endorses MLA expansion

Ballard Spahr LLP on

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

Morrison & Foerster LLP

DOD Proposes Significant Expansion of Military Lending Act Protections

On September 29, 2014, the Department of Defense (DOD) published a proposed rule in the Federal Register to amend its regulation implementing the Military Lending Act (MLA), 32 C.F.R. Part 232, to significantly expand the...more

16 Results
 / 
View per page
Page: of 1

"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:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
- hide
- hide