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Consumer Fraud Protection Bureau wants to oversee lenders to the military

Federal Gov

By Marian Johns | Jan 30, 2019

Military

WASHINGTON, D.C. — The Consumer Financial Protection Bureau (CFPB) is seeking congressional approval to oversee lenders who serve military members and their families to insure Military Lending Act (MLA) compliance. 

According to the CFPB, the agency is asking congressional leaders for "clear authority to supervise" lenders and to check for MLA adherence. 

“The Bureau is committed to the financial well-being of America’s service members," CFPB director Kathleen Kraninger said in a statement.  "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.

“That’s why I have asked Congress to explicitly grant the Bureau authority to conduct examinations specifically intended to review compliance with the MLA," Kraninger added. "The requested authority would complement the work the Bureau currently does to enforce the MLA. I was pleased to see legislation proposed recently in the House of Representatives (H.R. 442) that is intended to grant the Bureau such authority. My hope is that bipartisan legislation advances as quickly as possible in the 116th Congress.”

The CFPB's request was sent to the speaker of the House, the U.S. Senate president and Senate committee chairs and ranking members, the CFPB said.  

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