Brown and Reed introduce bill to protect military members from predatory financial practices

This story appeared in Bank Digest.                                  

Senate Banking Committee Ranking Member Sherrod Brown (D-Ohio) and Sen. Jack Reed (D-RI) have introduced the Military Consumer Enforcement Act, which would authorize the Consumer Financial Protection Bureau's Office of Servicemember Affairs to oversee enforcement of financial protections outlined in the Servicemember Civil Relief Act. According to Brown's press release, the SCRA was intended to protect active military members and their families from financial issues ranging from mortgage foreclosure to eviction so they could focus on their active duty responsibilities, but enforcement of the law has been inconsistent, leading many military members and their families to struggle with predatory financial practices. 

The release said this bill would enable the CFPB's Office of Servicemember Affairs to independently enforce certain sections of the SCRA and act as a watchdog to protect servicemembers and their families.