Skip to main content

CFPB Seeks Compliance Authority on Military Lending Act

Phil Hall
Jan 18, 2019
Fulton, Md.-based NewDay USA claims that it can approve many of the servicemembers and veterans who are denied on AUS

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 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."

 
Published
Jan 18, 2019
R.I. Mortgage Broker Pleads Guilty To $6M Ponzi Scheme

Decade-long scheme was used to finance a lavish lifestyle.

Regulation and Compliance
Sep 30, 2022
Fannie Mae Names Almodovar Its New CEO

Financial services veteran brings more than 30 years experience and a strong commitment to affordable housing.

Regulation and Compliance
Sep 29, 2022
OCC Fines Sterling Bank & Trust $6M Over Mortgage Fraud

Bank, parent company remain under criminal investigation by Justice Department and SEC.

Regulation and Compliance
Sep 27, 2022
Federal Court Shutters Sham Mortgage Relief Operation

FTC, California agency accuse 2 business owners of scam that cost consumers millions of dollars.

Regulation and Compliance
Sep 22, 2022
CFPB Seeks Input On Creating New Mortgage Products

Agency seeks information on refinances, mortgage products to promote competition and support household financial stability.

Regulation and Compliance
Sep 22, 2022
The Fed Raises Interest Rate 0.75% For The 3rd Time

Chairman said housing market may have to go through "a correction" to return to balance.

Regulation and Compliance
Sep 21, 2022