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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 the Report together with its comment letter to the Department of Defense (DoD) on the DoD’s recent proposal to amend the regulation that implements the MLA.  The following is a high-level overview of the CFPB Report and comment letter.

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