Category Archives: MLA

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CFPB Proposes Reporting and Examination Authority Over Military Lending Act

The Consumer Financial Protection Bureau on January 17, 2019, asked Congress to grant the bureau clear authority to supervise compliance-related issues for the Military Lending Act. CFPB Director Kathy Kraninger transmitted a legislative proposal to the speaker of the U.S. House of Representatives and Vice President Pence in his capacity as president of the U.S. … Continue Reading

Defense Database for Military Status of Borrower Still a Work in Progress

Lenders and servicers seeking to comply with the Servicemembers’ Civil Relief Act (SCRA) who depend on the commonly used Defense Manpower Data Center (DMDC) database have a little more comfort now on the accuracy of their searches than they may have had years ago, but there are still “known issues and gaps” with the data according to … Continue Reading
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