Payday/High-cost Loans

CFA Requests Information on Agencies’ Commitment to Military Lending Act Enforcement

The 2013 Defense Authorization Bill enacted by Congress and signed into law by the President assigned enforcement of the Military Lending Act (MLA) to six agencies: the Federal Reserve Board of Governors, the Federal Trade Commission, the Office of the Comptroller of the Currency, the National Credit Union Administration, the Federal Deposit Insurance Corporation, and the Consumer Financial Protection Bureau. CFA applauds both the Trump and the Obama Administrations for their strong support of the MLA. Most recently, Secretary of Defense James Mattis demonstrated this support by denying the request from the American Bankers Association and other financial industry lobbyists seeking to avoid complying with key provisions of this law. CFA is requesting information about these agencies’ commitment to enforcing this law and protecting military families from illegal conduct.

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