CFPB to Restart Military Lending Act Supervision

In a reversal of existing policy, the Consumer Financial Protection Bureau today issued an interpretive rule stating that it has statutory authority to conduct Military Lending Act supervision activities, and signaled that it will resume MLA examinations. The interpretive rule takes effect upon publication in the Federal Register.

The CFPB had previously discontinued MLA-related examination activities on the grounds that Congress had not expressly granted the authority to conduct such examinations.