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Military Lending Act Banks

Troutman Pepper

Connecticut Banking Statutes Amendments Take Effect October 1

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On June 29, Connecticut Governor Ned Lamont signed SB 1033, An Act Concerning Various Revisions to the Banking Statutes, into law. As discussed here, with this bill, Connecticut joins several other states that have set strict...more

Orrick, Herrington & Sutcliffe LLP

District Court says MLA’s statute of limitations begins upon discovery of facts

The U.S. District Court for the Eastern District of Virginia recently granted an installment lender’s motion to dismiss, ruling that most of the class members’ claims are time-barred by the Military Lending Act’s (MLA)...more

White & Case LLP

Consumer financial services: The road ahead: Small-dollar loans

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In February 2019, the CFPB released the highly anticipated revamp of its Payday Rule, reinforcing its more lenient attitude towards payday lenders. In light of the Bureau’s softer touch, as well as similar developments at the...more

Ballard Spahr LLP

Holly Petraeus to retire from CFPB

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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

Ballard Spahr LLP

Director Cordray appears before Senate Banking Committee

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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

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

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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

Ballard Spahr LLP

CFPB endorses MLA expansion

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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

Ballard Spahr LLP

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

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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

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

Ballard Spahr LLP

Defense Department Proposes Expansion of Military Lending Act Regulations

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The Department of Defense (DoD) has issued a proposal to revise and significantly expand the coverage of its rule implementing the Military Lending Act (MLA). The proposed revisions would limit interest charged to...more

Ballard Spahr LLP

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

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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

Ballard Spahr LLP

Proposal to expand Military Loan Act coverage appears likely

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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

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