Military Lending Act

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

New DoD Regs to Protect Military Families May Have Broader Impact

In an effort to provide additional financial protections to military families, the Department of Defense (DoD) proposed amendments to its regulations that the agency said will “reduce predatory lending practices,...more

DOD Proposes Expanded Coverage Of Military Lending Act Protections

On September 29, a proposed amendment to the U.S. Department of Defense’s regulation that implements the Military Lending Act (MLA) was published in the Federal Register, with comments due by November 28. Most importantly,...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

Defense Department Proposes Expansion of Military Lending Act Regulations

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

CFPB Expands Its Enforcement Efforts Against Payday Lending

In November, 2013, 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

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

DOD Report Previews Expansion Of Military Lending Act Regulations

Recently, the Department of Defense (DOD) published a report on the Military Lending Act (MLA), as requested in the House report that accompanied the fiscal year 2013 National Defense Authorization Act (FY 2013 NDAA)....more

CFPB Releases Report on Servicemember Complaints

The CFPB released a report summarizing the recent complaints of servicemembers, veterans, and their families regarding various financial products and services. The report, which is the CFPB’s second such report, covered...more

CFPB Director Defends Mortgage Rules, Discusses Plans In Other Markets

On January 28, the House Financial Services Committee held a lengthy hearing with CFPB Director Richard Cordray in connection with the CFPB’s November 2013 Semi-Annual Report to Congress, which covers the period April 1, 2013...more

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

CFPB Takes Enforcement Action Against Payday Lender

The CFPB announced its first public enforcement action against a payday lender—a consent order alleging, among other things, unfair and deceptive acts or practices in connection with affidavits. According to the consent...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 Announces First Enforcement Action Against Payday Lender

On November 20, the CFPB announced the resolution of an enforcement action against one of the largest payday lenders in the country. The consent order alleges that the lender and an online lending subsidiary made hundreds of...more

CFPB Issues Examination Procedures for Military Payday Lending

The CFPB issued updates to its examination procedures for payday lending. The updated examination procedures include guidance for examiners of payday lenders that make loans to servicemembers, including reviewing for...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

Much to do about nothing? CFPB guidelines, servicemembers and payday lending

Amid fanfare about its commitment to the protection of the military, the CFPB has released new guidelines to assist its examiners regarding payday and title loans to military servicemembers and their dependents. “Protecting...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

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

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

Infobytes - A Weekly In-depth review of news & developments in the financial services industry - June 28, 2013

In This Issue: - FEDERAL ISSUES - STATE ISSUES - COURTS - FIRM NEWS - FIRM PUBLICATIONS - MORTGAGES - CONSUMER FINANCE - SECURITIES - CREDIT CARDS - PRIVACY/DATA SECURITY - CRIMINAL ENFORCEMENT -...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

Congress passes bill giving CFPB authority to enforce Military Lending Act and creating civil liability for violations

The 2013 Defense Authorization Bill (H.R. 4310), currently awaiting signature by President Obama, makes several changes to the Military Lending Act. Last week, both the House and Senate agreed to the conference report....more

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