CFPB Supervising MLA?
New Consumer Financial Protection Bureau (CFPB) Director Kathleen L. Kraninger gave yet another indication that she is taking the agency in a different direction than her predecessor. Whereas the previous director was very interested in limiting the scope of the CFPB, Director Kraninger appears to be focusing the agency more on protecting consumers — in this case members of the military and their families. On January 17, 2019, the director issued a statement that the CFPB is asking Congress for the authority to supervise compliance with the Military Lending Act (MLA). If approved, the CFPB would not only enforce MLA, but also conduct compliance examinations of MLA. :
CLA’s financial institution regulatory compliance team assists banks and credit unions nationwide in establishing regulatory compliance programs, conducting compliance testing, and training staff on regulations. Justin Robinson is a member of CLA’s regulatory compliance team and can be reached at justin.robinson@CLAconnect.com.
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