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Category Archives: Military Issues

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Financial Services Report – Spring 2017

Posted in Arbitration, CFPB, Credit Cards, Credit Reports, Electronic Payments, Enforcement Actions, Fair Lending, Foreclosure, Investigations, Military Issues, Mobile Payments, Mortgage, Payday Lending, Preemption, Privacy, Regulatory Developments, State Regulators, Student Lending

In like a lion, out like a lamb—it works for weather; does it work for new administrations? We’ll have to wait and see. We’ll have to wait and see about the length of CFPB Director Richard Cordray’s tenure and the fate of Dodd-Frank, as it appears the Trump administration is focusing on other priorities. So… Read More

Financial Services Report – Winter 2016

Posted in Arbitration, Auto Lending, CFPB, Credit Cards, Disparate Impact, Electronic Payments, Enforcement Actions, Fair Lending, Foreclosure, Military Issues, Mobile Payments, Mortgage, Payday Lending, Preemption, Privacy, Regulatory Developments, State Regulators, UDAAP

Hope you survived all of those awkward Thanksgiving holiday conversations—amazing how divided people are on whether the court got it right in the PHH case, isn’t it? So on we go into the holiday season, while visions of Dodd-Frank repeal dance in our heads. No long winter’s nap for the CFPB, not with the inauguration… Read More

Financial Services Report – Fall 2016

Posted in Add On Products, Arbitration, CFPB, Credit Cards, Credit Reports, Disparate Impact, Electronic Payments, Enforcement Actions, Fair Lending, Foreclosure, Military Issues, Mobile Payments, Mortgage, Payday Lending, Preemption, Privacy, Regulatory Developments, UDAAP

So much for summer! The weather is cooling, the kids are back to school, and we better not see you wearing white so long after Labor Day! For those of you having a little trouble getting back in the swing of things, we thought we’d lead with just a few of the animals making headlines… Read More

A Closer Look at DOD’s New Guidance on the Military Lending Act Regulations

Posted in Fair Lending, Military Issues, Regulatory Developments

On August 26, 2016, the DOD issued an interpretive rule (the “Interpretive Rule”) providing guidance on the DOD’s regulations implementing the Military Lending Act. That same day, we published a high-level summary of the Interpretive Rule, noting that the Interpretive Rule aims to clarify certain ambiguities in the DOD’s July 2015 final rule. In this… Read More

Department of Defense Issues New Guidance on Military Lending Act Regulations

Posted in Fair Lending, Military Issues

On August 26, 2016, the Department of Defense (DOD) issued an interpretive rule providing guidance on the DOD’s regulations implementing the Military Lending Act (MLA). Specifically, the interpretive rule aims to clarify certain ambiguities in the DOD’s July 2015 final rule, which significantly expanded the scope of the MLA to cover new types of creditors… Read More

Financial Services Report – Winter 2015

Posted in Add On Products, Arbitration, Auto Lending, CFPB, Credit Cards, Enforcement Actions, Fair Lending, Indirect Auto Lending, Military Issues, Mobile Payments, Mortgage, Payday Lending, Privacy, Regulatory Developments, Student Lending, UDAAP

We are a full service newsletter, so we offer these can’t-miss Christmas gift ideas for the hard-to-please. Hoverboards are the “It” gift this season, but what about all the poor souls who don’t own one? We’ve devised a remote that lets you seize control from a distance and slam the thing in reverse, toggle forward,… Read More

EVENT: DOD’s Expanded Military Lending Act Rules

Posted in Credit Cards, Events, Fair Lending, Military Issues

Thursday, September 3, 2015 2:00 p.m. – 3:00 p.m. EDT Please email cbaker@mofo.com to register for this teleconference. On July 22, 2015, the Department of Defense (DOD) published new rules broadening the scope of current rules implementing the Military Lending Act (MLA). The amended rules significantly expand the scope of the MLA provisions by covering… Read More

Department of Defense Adopts Significant Changes to Its Military Lending Act Regulations

Posted in Credit Cards, Fair Lending, Military Issues

On July 22, 2015, the Department of Defense (DOD) published sweeping changes to its rules that implement the Military Lending Act (MLA). The amended rules significantly expand the scope of the MLA provisions by covering both new types of creditors and new credit products, including installment loans and other closed-end credit products and credit cards… Read More

DOD Adopts Sweeping Changes to Rules Implementing Military Lending Act Provisions

Posted in Credit Cards, Fair Lending, Military Issues

On July 21, 2015, the Department of Defense (DOD) adopted sweeping changes to its rules that implement the Military Lending Act (MLA). The amended rules significantly expand the scope of the MLA provisions by covering both new types of creditors and new credit products, including credit cards. The new rule becomes effective on October 1,… Read More

CFPB Increasingly Aiming “Abusiveness” Claims at Servicemember Products and Services

Posted in Auto Lending, CFPB, Disparate Impact, Enforcement Actions, Military Issues

Are servicemembers more financially vulnerable than the civilians they protect? Recent enforcement actions suggest that, in the CFPB’s view, they are. While the Servicemembers Civil Relief Act (SCRA) provides more financial protections to servicemembers than civilian consumers have, the Bureau has also begun to use the CFPA to assert “abusive” claims in cases involving alleged… Read More

CFPB Weighs in on Department of Defense Military Lending Act Proposed Rule

Posted in CFPB, Military Issues

On December 29, 2014, the Consumer Financial Protection Bureau (CFPB) released a report, entitled “The Extension of High-Cost Credit to Servicemembers and Their Families” (“Report”). According to the CFPB, the Report provides a “snapshot” of the market for “high-cost credit products” that are not currently covered by the Military Lending Act (MLA).   The CFPB released… Read More

The SCRA – Collections, Compliance and Enforcement in the Age of the Servicemembers Civil Relief Act

Posted in Enforcement Actions, Events, Military Issues

Upholding the rights of the military under the Servicemembers Civil Relief Act (SCRA) is an important way to honor their service. The SCRA provides servicemembers a number of unique protections and benefits, and noncompliance carries potentially enormous legal and reputational risks for your business. Join LexisNexis and Morrison & Foerster for a free webinar: The… Read More