Removing Barriers Blog

CFPB Issues Interpretive Rule to Resume Examinations Regarding the Military Lending Act
Posted June 16, 2021 by CUNA Advocacy

Today, the CFPB issued an interpretive rule that explains the basis for its authority to examine supervised financial institutions for compliance with the Military Lending Act (MLA). This CFPB position reverses the agency’s previous position in 2018 that it did not have examination authority regarding the MLA.  Based on this announcement, the CFPB will resume MLA-related examination activities for the financial institutions under its authority, such as credit unions with over $10 billion in assets. 

This is another example of the new CFPB leadership reversing positions and policies from the prior 4 years. CUNA will continue to monitor CFPB regulatory activity and advocate for fair and streamlined policies targeting the problem actors in the industry, not credit unions.