CFPB Director Seeks Authority over Military Lending Act Compliance

Kathy Kraninger supports recent legislation that would grant the bureau authority under the law.

1/22/2019 8:00 AM

CFPB Director Seeks Authority over Military Lending Act Compliance

Consumer Financial Protection Bureau Director Kathy Kraninger is asking for Congress to grant the bureau authority over lenders’ compliance with the Military Lending Act (MLA.)

“The bureau is committed to the financial well-being of America’s service members. This commitment includes ensuring that lenders subject to our jurisdiction comply with the Military Lending Act so our service members and their families are provided with the protections of that law,” Kraninger said in a news release. “That’s why I have asked Congress to explicitly grant the bureau authority to conduct examinations specifically intended to review compliance with the MLA. The requested authority would complement the work the bureau currently does to enforce the MLA.”

U.S. Rep. Andy Barr, R-Ky., introduced legislation in the U.S. House of Representatives, H.R. 442, to give the bureau that authority.

“My hope is that bipartisan legislation advances as quickly as possible in the 116th Congress,” Kraninger said.

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