CFPB Seeks Clear Authority to Supervise for MLA Compliance

The Consumer Financial Protection Bureau today called on Congress to grant the bureau clear authority to supervise for Military Lending Act Compliance. In a letter to both House Majority Leader Nancy Pelosi (D-Calif.) and Vice President Mike Pence in his role as president of the Senate, CFPB Director Kathy Kraninger offered draft legislation that would grant the bureau this authority.

“The bureau is committed to the financial well-being of America’s servicemembers. This commitment includes ensuring that lenders subject to our jurisdiction comply with the Military Lending Act so our servicemembers and their families are provided with the protections of that law,” Kraninger said, adding that “the requested authority would complement the work the bureau currently does to enforce the MLA.”