Military Service Members Consumer Financial Protection Bureau

News & Analysis as of

CFPB enters into consent order with credit union

The CFPB announced that it has entered into a consent order with Navy Federal Credit Union to settle allegations that the credit union engaged in unfair and deceptive collection practices in violation of the Consumer...more

CFPB Settles with National Credit Union Over Alleged Deceptive Debt Collection Practices

On October 11, the Consumer Financial Protection Bureau (CFPB) announced that it entered into a consent order with a national credit union over allegations that the credit union made false and misleading representations to...more

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

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

DoD issues MLA interpretive rule

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

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

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

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

CFPB seeking comment on new repayment plan disclosures for federal student loan borrowers

The CFPB has issued a Request for Information (RFI) seeking comment on a set of prototype disclosures to assist federal student loan borrowers in selecting between alternative repayment plans.  Comments are due on or before...more

CFPB: The Quarterly Review - April 2016

If the first quarter is any indication, 2016 is going to be a busy year for the CFPB and market participants alike. The CFPB Speaks - Regulation by enforcement - On March 9, during his prepared remarks to...more

SCRA Will Continue to Receive Regulatory Scrutiny

On March 22, 2016, the U.S. House of Representatives passed the Foreclosure Relief and Extension for Servicemembers Act of 2015. This bill was signed into law by President Obama on March 31, 2016. This follows the...more

Trade groups seek clarifications to Military Lending Act regulations

A number of prominent industry trade groups have written to the Department of Defense (DoD) seeking clarifications to the Military Lending Act (MLA) final rule adopted in July 2015 that dramatically expanded the scope of the...more

CFPB issues fourth annual report on servicemember complaints

The CFPB’s Office of Servicemember Affairs released its fourth annual report highlighting complaints submitted in 2015 by servicemembers, veterans, and their families. The report states that in 2015, the CFPB received...more

CFPB Enforcement Update

This update analyzes the trends and patterns in the Consumer Financial Protection Bureau’s publicly available enforcement actions. Leveraging the analysis in our December 2014 White Paper, CFPB Enforcement by the Numbers...more

Deadline Extended for Requesting Direct Access to Military Loan Act Database

The Department of Defense has extended the deadline for requesting direct access to its Military Loan Act (MLA) Defense Manpower Data Center (DMDC) database until February 15, 2016. Under amendments to the MLA's implementing...more

Former CFPB student loan ombudsman joins Education Dept.

Politico has reported that Rohit Chopra, the CFPB’s former student loan ombudsman, has joined the Education Department in a senior leadership position focused on protecting student borrowers. Politico also reported that in...more

CFPB Continues to Take Action Against Offenders in Debt Collection Services

CFPB Takes Action Against Servicemember Auto Lender Security National Automotive Acceptance Company - On October 28, 2015, the Consumer Financial Protection Bureau (CFPB) filed an administrative order against Security...more

Financial Services Weekly News - October 2015

Regulatory Developments - FINRA Files Proposed Rule Change to Apply Markup Rule to Government Securities: On Sept. 30 FINRA filed with the SEC a proposed rule change, published in the Federal Register on Oct. 6, to...more

#Retweet the #CFPB: How Social Media is Affecting Consumer Advocacy

Social media has become an integral part of our society, and now it's playing a big role in our industry, too. The Consumer Financial Protection Bureau (CFPB) is harnessing the power of Facebook and Twitter not only to create...more

CFPB and New York Department of Financial Services Sue Pension Loan Companies for Deceptive Marketing

On August 20, the Consumer Financial Protection Bureau (CFPB) and New York Department of Financial Services (NYDFS) jointly filed suit against two pension loan companies and three individual managers for deceptively marketing...more

Defense Department Dramatically Expands Scope of Military Lending Act

The Department of Defense (DoD) dramatically expanded the scope of the Military Lending Act (MLA) on July 22, 2015, publishing its Final Rule amending the MLA’s implementing regulation. MLA coverage was previously limited to...more

CFPB settles action against provider of student financial aid assistance

The CFPB has announced a proposed settlement with Student Financial Aid Services, Inc. (SFAS) to resolve charges that the company engaged in unlawful sales and billing practices in connection with offering fee-based financial...more

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

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

CFPB sends warning letters on military allotment practices

The CFPB announced that it sent warning letters this month to several companies that sell retail goods to military servicemembers regarding their acceptance of payments made through military allotments. The military...more

CFPB Shifts Focus to Auto Lending Industry

Auto lenders and servicers be advised: the Consumer Financial Protection Bureau (CFPB) turns its lonely eyes to you. On June 17, 2015, the CFPB brought an action in the Southern District of Ohio against Security National...more

CFPB Turns Focus to Student Loans to Servicemembers

The Consumer Financial Protection Bureau (CFPB) recently published a report highlighting the difficulties military personnel encounter when dealing with servicers of student loans....more

CFPB issues new report on servicemember student loans

A new CFPB report entitled “Overseas & Underserved: Student Loan Servicing and the Cost to Our Men and Women in Uniform” contains the CFPB’s findings regarding student loan servicing problems faced by...more

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