Representative Garland "Andy" Barr (R-KY) introduced a bill to authorize the Consumer Financial Protection Bureau ("CFPB") to assess whether insured depository institutions are compliant with the Military Lending Act ("MLA"). The MLA is intended to protect military service members from financial exploitation against predatory lenders.
As previously covered, thirty-three state attorneys general ("AGs") and various members of Congress, including Representative Maxine Waters (D-CA), urged the CFPB to reconsider a decision to discontinue reviewing lenders' compliance with the MLA. The AGs disagreed with reports indicating that the CFPB concluded that the agency lacks statutory authority to conduct examinations for MLA violations.
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