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The Consumer Financial Protection Bureau (CFPB) is asking Congress to grant the agency the authority to supervise for compliance with the Military Lending Act (MLA).
“The Bureau is committed to the financial well-being of America’s service members,” said CFPB Director Kathleen L. Kraninger in a proposal submitted to Congress. “This commitment includes ensuring that lenders subject to our jurisdiction comply with the Military Lending Act so our service members and their families are provided with the protections of that law.”
Kraninger noted that recently proposed legislation in the House of Representatives (HR 442) would grant the agency this authority.
“My hope is that bipartisan legislation advances as quickly as possible in the 116th Congress,” Kraninger added.
Beverly Ray Frase, National Director, Certified Military Home Specialists for Boots Across America, said, “I’ve always liked the idea of a centralized platform looking out for our servicemembers best financial interests so I’m watching this new initiative with hope that it has the best possible results. Working nationally with servicemembers and their families, I often see the aftermath of their financial decisions gone wrong. Some choices are made in haste prior to a sudden deployment or PCS, some are based on the best information the servicemember has at the time, and some are made during an emergency or event that leaves them with no other alternative but high interest rate loans that create their own hardships when it’s time to repay."
