News & Analysis as of

CFPB Action Against Payday Lender to be Followed by New Military Lending Act Regulations

On November 20, 3013, the Consumer Financial Protection Bureau announced its first enforcement action against a payday lender. Cash America International was fined $5 million and was ordered to refund $14 million to its...more

Banking Industry Trade Groups Oppose Expansion Of MLA Covered Loans

On August 1, six banking industry trade groups submitted a joint comment letter relating to a proposal by the Department of Defense (DOD) to revise protections under the Military Lending Act (MLA), which apply to consumer...more

DOD Seeks Input On Military Lending Act Regulations; State AGs Seek Expansion Of Covered Loans

Last week, the Department of Defense (DOD) issued an advanced notice of proposed rulemaking to solicit input on potential changes to the definition of “consumer credit” in the regulations that implement the Military Lending...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

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