News & Analysis as of

Military Service Members Regulatory Standards

Ballard Spahr LLP

CFPB continues to look to creditors to help servicemembers take advantage of SCRA benefits

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On January 12, 2023, the Consumer Financial Protection Bureau (“CFPB”) issued a report highlighting an increase in reported incidents of identity theft by servicemembers. The report, titled “Servicemember reports about...more

Nelson Mullins Riley & Scarborough LLP

DOJ, CFPB Warn Auto Finance Companies about Servicemember Protections

The U.S. Department of Justice (“DOJ”) and the Consumer Finance Protection Bureau (“CFPB”) issued a joint letter reminding the auto finance industry to enforce certain interest rate restrictions and other consumer protection...more

Cadwalader, Wickersham & Taft LLP

CFPB and DOJ Send Clear Message Regarding Servicemembers to the Auto Industry 

Following the Consumer Financial Protection Bureau’s supervisory observations that the auto finance industry seemed to be struggling with providing adequate consumer protections to servicemembers, the CFPB has joined with the...more

Faegre Drinker Biddle & Reath LLP

403(b) and 457(b) Plans Going Under the Regulatory Microscope

It appears that the SEC has initiated a “sweep” examination to inquire into the sales practices applicable to retirement plans for teachers and state and local government employees. We understand that multiple SEC regional...more

Ballard Spahr LLP

Democratic House members urge Kraninger to resume MLA exams

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Twenty-three Democratic members of the House Financial Services Committee have sent a letter to Kathy Kraninger, the CFPB’s new Director, urging the Bureau to resume examining its supervised entities for compliance with the...more

Ballard Spahr LLP

NY Attorney General files lawsuit against jeweler for alleged unlawful sales and financing practices targeting the military

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The New York Attorney General has filed a lawsuit against a group of commonly owned and managed companies headquartered in New York that include companies operating retail jewelry stores in numerous states under the name...more

Searcy Denney Scarola Barnhart & Shipley

Dieselgate: Bringing a Face to Scandal Impacting Volkswagen Owners

A Volkswagen manager pleaded guilty to conspiracy and violating the Clean Air Act and could get seven years in prison. A Volkswagen engineer who agreed to testify against the Volkswagen manager was sentenced to three years in...more

Ballard Spahr LLP

FDIC Releases Revised MLA Exam Procedures and Sets Supervisory Expectations

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On October 17, the FDIC released revised interagency Military Lending Act (MLA) examination procedures for use in connection with consumer credit transactions occurring on or after October 3, 2016. The revised procedures...more

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