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CFPB Seeks Military Lending Act Supervision Activity

CFPB Seeks Military Lending Act Supervision Activity

Jan. 18, 2019

The Consumer Financial Protection Bureau asked Congress for clear authority to supervise for compliance with the Military Lending Act. In a letter to lawmakers, Director Kathleen Kraninger expressed support for legislation that would grant the CFPB authority to conduct exams that specifically review compliance with the MLA.

Mick Mulvaney, who ran the CFPB as acting director before Kraninger’s confirmation, previously determined the bureau lacked military lending oversight without first receiving complaints from service members.

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