CFPB Seeks Compliance Authority on Military Lending Act

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."