This story appeared in Bank Digest.
Senate Democrats have sent a letter to Consumer Financial Protection Bureau Acting Director Mick Mulvaney regarding reports that the CFPB "will no longer protect servicemembers and their families by including the Military Lending Act (MLA) as part of the CFPB's routine lender examinations due to a purported lack of authority." The senators asserted that the Bureau does have the authority to enforce the MLA through these examinations, and they sought Mulvaney's "commitment that you will utilize all of the authorities available to the CFPB to ensure that servicemembers and their families continue to receive all of their MLA protections."
According to a press release by Sen. Jack Reed (D-RI), one of the leaders of the letter, the MLA was passed in 2006 with bipartisan support to help safeguard active-duty military members and their families from financial fraud, predatory loans, and credit gouging. The letter was signed by every Democratic member of the Senate, as well as two Independents.