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CFPB updates exam procedures for Military Lending Act

Joe Mont | October 4, 2016

The Consumer Financial Protection Bureau has announced the procedures its examiners will use when identifying consumer harm and risks related to the Military Lending Act rule, which was last updated in July 2015. The exam procedures are intended to provide guidance to industry on what the Bureau will be looking for during reviews covering the amended regulation.

In 2006, Congress passed the Military Lending Act to address the issue of high-cost credit as a threat to military personnel and readiness. In July 2015, the Department of Defense issued a final rule expanding the types of credit products that are covered. The protections provided by the Military Lending Act extend to...

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