News & Analysis as of

Comment Period is Closing for U.S. Department of Defense’s Proposed Military Lending Act Rules Expansion

On September 29, 2014, DOD proposed expanding its regulation implementing the Military Lending Act (“MLA”) and the comment period for the proposed amendment is November 28, 2014. The MLA provides consumer protections for...more

CFPB praises change in military discretionary allotment system

CFPB Assistant Director for Servicemember Affairs Holly Petraeus has issued a statement applauding changes to the military discretionary allotment system announced last week by the Department of Defense (DoD). The...more

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

Department of Defense Announces Proposed Changes to Military Lending Act to Curb Certain Lending Practices by Payday Lenders and...

On September 26, 2014, the Department of Defense (DoD) announced proposed changes to its regulation implementing the Military Lending Act (MLA). The MLA, passed by Congress in 2006, provides active duty service members and...more

CFPB Interagency Agreement Increases Oversight Of Colleges Serving Veterans

Recently, the CFPB signed a memorandum of understanding with the Departments of Veterans Affairs, Defense and Education to improve outreach and transparency to veterans and servicemembers by providing meaningful information...more

CFPB announces higher education memorandum of understanding

The CFPB announced that it has entered into a “Joint Higher Education Memorandum of Understanding” with the Departments of Veterans Affairs (VA), Defense (DOD), and Education (ED) as part of a joint effort by the agencies “to...more

CFPB Director Announces Indirect Auto Finance Proxy Methodology White Paper, Discusses Numerous Other Initiatives

On June 18, in an appearance before the House Financial Services Committee, CFPB Director Richard Cordray stated that later this summer the CFPB hopes to release a white paper on the proxy methodology it employs to identify...more

CFPB to issue whitepaper on methodology for identifying auto finance discrimination and consider use of advisory opinions

While Director Cordray’s appearance at the House Financial Services Committee’s hearing on the CFPB’s fifth Semi-Annual Report yesterday was accompanied by the usual dose of political theater, his testimony did yield the...more

CFPB Joins With DOD, VA, And Others To Launch Servicemember Education Complaint System

On January 30 the CFPB, the Department of Defense (DOD), the Department of Veterans Affairs (VA), the FTC, and other federal agencies announced the launch of a new online system designed to collect information from veterans,...more

Proposal to expand Military Loan Act coverage appears likely

Based on testimony to a Senate Committee last week by Holly Petraeus, CFPB Assistant Director with the Office of Servicemember Affairs, it looks very likely that an expansion of Military Loan Act coverage will be among...more

CFPB Releases Revised Payday Loan Exam Manual Incorporating MLA Requirements

On September 17, the CFPB released revised short-term, small-dollar lending Examination Procedures that incorporate the regulations issued by the Department of Defense (DoD) to implemente the Military Lending Act (MLA),...more

Banking industry trade groups oppose expansion of Military Loan Act coverage

Six banking industry trade groups, including the American Bankers Association, the Consumer Bankers Association and the Financial Services Roundtable, have sent a comment letter responding to a Department of Defense (DOD)...more

Special Alert: CFPB Enforcement Action Targets Marketing Of Auto Loans, Add-On Products To Servicemembers

Yesterday, the Consumer Financial Protection Bureau (CFPB) announced enforcement actions against a national bank and its service provider related to alleged deceptive marketing of auto loans and add-on products to active-duty...more

Capital Thinking Update - February 4, 2013

In This Issue: General Legislative; Debt Limit; Agriculture & Food; Budget, Appropriations; Cybersecurity; Education; Energy; Financial Services; Health Care; International Defense and Homeland Security; and,...more

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

Lame Duck Congress Acts on Privacy Bills, Mostly With an Eye Toward 2013

While continuing congressional inaction on the fiscal cliff is getting most of the ink/pixels in news headlines over the last couple weeks, several privacy bills have advanced in the House and Senate....more

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