On June 16, the CFPB issued an interpretive rule reversing its prior determination that it lacked authority to examine institutions for compliance with the Military Lending Act (MLA). In 2018, the CFPB discontinued checking for MLA compliance during supervisory examinations on the grounds that Congress had not authorized such examination authority under the Dodd-Frank Act. As a result, the new interpretive rule sets forth the statutory basis to examine institutions that it supervises for MLA compliance as follows:
Continue Reading CFPB to Resume Examinations Under the Military Lending Act
