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CFPB wants ‘clear authority’ to oversee Military Lending Act

Joe Mont | January 28, 2019

In what has been a rare occurrence in recent months, given a successful effort by the White House and Republicans to scale back its reach, the Consumer Financial Protection Bureau is seeking to legislatively expand its purview and better police financial products targeted to military personnel.

Director Kathleen Kraninger has asked Congress to grant the Bureau “clear authority to supervise for compliance” with the Military Lending Act.

“The Bureau is committed to the financial well-being of America’s service members. This commitment includes ensuring that lenders subject to our jurisdiction comply with the Military Lending Act so our service members and their families are provided with the protections of that law,” she said in a statement last week. “That’s why I have asked Congress to explicitly grant the Bureau authority to conduct examinations specifically intended to review compliance with the MLA. The requested authority would complement the work the Bureau...

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