News & Analysis as of

Military Service Members Borrowers

Sheppard Mullin Richter & Hampton LLP

CFPB Penalizes VA Lender for Misrepresenting Cost of Cash-Out Refinance Loans

On August 29, the CFPB issued a consent order against a non-bank direct mortgage lender for misrepresenting the cost of its cash-out refinance loans, which are guaranteed under the VA home loan program, to active-duty...more

Ballard Spahr LLP

New study finds Military Lending Act expansion had limited impact for military credit card customers

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A new report from the Urban Institute examining the 2015 expansion of the Military Lending Act (“MLA”) concludes that it did not lead to better credit and debt outcomes for servicemembers and may instead have limited access...more

Troutman Pepper

CFPB Highlights Continued Scrutiny of Military Allotments

Troutman Pepper on

In a recent post, the Consumer Financial Protection Bureau (CFPB) discussed its ongoing efforts to investigate and curtail alleged abuses of the military allotment system by lenders. The military allotment system is a...more

Ballard Spahr LLP

DoD to propose amendment to MLA regulations on auto financing

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The Department of Defense announced in its Fall 2019 rulemaking agenda that it is engaged in proposed rulemaking to amend its Military Lending Act (MLA) regulations, apparently in order to allow non-bank creditors to provide...more

Hudson Cook, LLP

Washington Regulator Interprets SCRA Scope Broadly

Hudson Cook, LLP on

The Servicemembers Civil Relief Act offers servicemembers financial protections, including the ability to have interest rates reduced to 6%, when a servicemember is called to active duty after entering into a credit...more

Alston & Bird

North Carolina Enacts Servicemember Protections

Alston & Bird on

A&B Abstract: North Carolina is the latest state to extend the protections of the federal Servicemembers Civil Relief Act (“SCRA”), 50 U.S.C. §§ 3901 et seq., to active duty members of its National Guard. ...more

Bradley Arant Boult Cummings LLP

Defense Database for Military Status of Borrower Still a Work in Progress

Lenders and servicers seeking to comply with the Servicemembers’ Civil Relief Act (SCRA) who depend on the commonly used Defense Manpower Data Center (DMDC) database have a little more comfort now on the accuracy of their...more

Ballard Spahr LLP

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

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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

Davis Wright Tremaine LLP

Revised Military Lending Act Rules Impose New Compliance Obligations on a Wide Variety of Creditors

The Department of Defense (DOD) recently finalized amendments to its Military Lending Act (MLA) regulations that impose new compliance obligations on a wide variety of creditors, including issuers of credit cards and...more

Morrison & Foerster LLP

DOD Adopts Sweeping Changes to Rules Implementing Military Lending Act Provisions

On July 21, 2015, the Department of Defense (DOD) adopted sweeping changes to its rules that implement the Military Lending Act (MLA). The amended rules significantly expand the scope of the MLA provisions by covering both...more

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