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Senate Democrats demand Military Lending Act assurances from CFPB

Joe Mont | August 16, 2018

In an effort “to protect soldiers and their families from abusive financial practices,” all 49 Democrats on the U.S. Senate, signatories to a letter delivered to Consumer Financial Protection Bureau interim director Mick Mulvaney, are urging him and other Trump administration officials “not to abandon their duty to protect our servicemembers and their families under the Military Lending Act.”

The letter responds to news reports that the CFPB is considering no longer enforcing the MLA as part of lender examinations due to a purported lack of legislative authority. The initiative was led by Jack Reed, a Rhode Island Democrat who is ranking member of the Armed Services Committee.

In 2006, Congress passed the MLA ...

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