News & Analysis as of

Military Lending Act Consumer Financial Products Proposed Legislation

Manatt, Phelps & Phillips, LLP

Hearing Considers Madden, Proposed Rate Cap

The House Financial Services Committee held the first of a two-part hearing titled, “Rent-A-Bank Schemes and New Debt Traps: Assessing Efforts to Evade State Consumer Protections and Interest Rate Caps.” For the first...more

Bradley Arant Boult Cummings LLP

New Legislation in House, Senate Would Cap Consumer Loans at 36%, Crippling the Industry

New federal legislation introduced in the House and Senate would place a 36% annual percentage rate cap on nearly all consumer loans, potentially killing the small dollar consumer lending industry. Last month, Congressmen...more

Ballard Spahr LLP

CFPB seeking legislative fix to give it clear MLA examination authority

Ballard Spahr LLP on

The CFPB announced yesterday that it has transmitted a proposal to Congress that would give it clear authority to conduct supervisory examinations for compliance with the Military Lending Act (MLA)....more

Ballard Spahr LLP

Military Lending Improvement Act of 2018 Introduced in the U.S. Senate

Ballard Spahr LLP on

On August 1, 2018, Sen. Bill Nelson (D-Florida) introduced S. 3334 captioned “The Military Lending Improvement Act of 2018” in the United States Senate to “expand and improve” credit protections afforded to service members by...more

Ballard Spahr LLP

Propoposed Bill Would Significantly Expand MLA Disclosure Requirements

Ballard Spahr LLP on

We recently reported on a bill introduced in the House of Representatives by Congressman Dan Kildee (D-Michigan) that would amend the Military Lending Act (“MLA”) to require that creditors provide additional disclosures to...more

Ballard Spahr LLP

Proposed Bill Would Require Disclosures to Servicemembers Regarding Lower Cost Credit

Ballard Spahr LLP on

On May 25, Congressman Dan Kildee (D-Michigan) referred a bill to the House Committee on Armed Services titled the “Transparency in Military Lending Act of 2017.” ...more

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